SWIFT sets up financial gateway joint venture in China

Friday 5 February 2021 12:46 CET | News

SWIFT, the global system for financial messaging and cross-border payments, has set up a financial gateway joint venture (JV) with subsidiaries of the People’s Bank of China (PBoC).

These subsidiaries include the China National Clearing Center (CNCC), and the Digital Currency Research Institute. The JV named as the Finance Gateway Information Service (FGIS) was registered in January 2021 with a capital of EUR 10 million.

CNCC, the global interbank settlement organisation of PBoC, contributed 55% of the capital through its Hong Kong subsidiary. CNCC owns 34% of the new JV as a result of this contribution. CNCC’s cross-border clearing entity, the Cross-border Interbank Payments and Settlement (CPIS), and PBoC’s Digital Currency Research Institute own 5% and 3%, respectively.

The remaining 3% is owned by a self-regulatory association for the payments industry, the Payment and Clearing Association of China (PCAC).

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Keywords: SWIFT, China, PBOC, JV, CNCC, fgis, finance gateway information service, pcac, venture, funding
Categories: Banking & Fintech
Countries: China
This article is part of category

Banking & Fintech