China’s PICC gets approval to set up online payment firm

April 20, 2015 admin 32-3-million, 400-million, bengaluru, central, central-bank, china, customers-buy, diego, equity-stake, get-approval, million-yuan, notice, regulatory, said-on-monday

A unit of People’s Insurance Company of China Co (PICC), one of China’s biggest insurers, has received regulatory approval to set up a third-party payment firm, challenging banks for control of the crucial market. The China Insurance Regulatory Commission said on Monday it granted PICC Life Insurance Co permission to invest 200 million yuan ($32.3 million) to establish a wholly-owned subsidiary, Beijing Baofutong Ltd, according to an online notice posted by the insurance regulator. The PICC unit still requires to get approval from the central bank and comply with legal procedures to set up a third-party payment service, the notice said.

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China’s PICC gets approval to set up online payment firm