a "hot" payment license, which is indirectly licensed by pingpong, a cross-border payment company



the cross-border payment company pingpong indirectly obtained the domestic payment license. According to tianyancha information, Hangzhou ping pong Intelligent Technology Co., Ltd. has recently become a 100% majority shareholder of Shanghai Yiqian Network Information Technology Co., Ltd., which holds 51% equity of Zhejiang Aerospace Electronic Information Industry Co., Ltd., a licensed third-party payment institution

Zhejiang Aerospace Electronic Information Industry Co., Ltd. obtained the payment business license in 2012. The business types include prepaid card issuance and acceptance (Zhejiang Province) and Internet payment (National). The current license is valid until 2022

According to the < a data type = "external" href=“ http://www.gov.cn/flfg/2010-06/21/content_1632796.htm " rel="nofollow" target="_ Blank "> according to the measures for the administration of payment services of non-financial institutions < / a >, non-financial institutions shall obtain the payment business license in accordance with the provisions when providing payment services 。 Public information shows that there are 229 licensed Payment institutions on the market and 42 have cancelled their licenses. The central bank has suspended the issuance of payment licenses. Therefore, companies targeting payment business have indirectly obtained the only remaining payment licenses in the market by acquiring licensees. For example, Huawei and station B won the licenses in this way this year. With the help of payment licenses, Internet giants are expected to further layout the payment field and extend their ecology

For cross-border payment enterprises, the license marks a further move towards compliance. According to regulatory requirements, institutions with payment licenses and business contents including Internet payment can register into the directory of trade foreign exchange revenue and expenditure enterprises, and then start cross-border foreign exchange payment business

At present, many cross-border payment enterprises in the industry do not hold domestic payment licenses, but carry out business through cooperation with licensed institutions. For example, xtransfer, the official website shows that < / a > currently holds payment licenses in Hong Kong, China, the United Kingdom, the United States, Canada and Australia." xtransfer overseas exhibition entities are responsible for overseas collection, and cooperative domestic licensed third-party payment institutions collect and settle foreign exchange in cross-border links of funds ". Payoneer, which has been listed in the United States, and airwallex, which completed US $200 million financing in September It has also been reported that it wants to apply for a license in China. So far, no further news has come out

According to the information on pingpong's official website, pingpong became a unicorn valued at more than US $1 billion in 2019, with a transaction scale of more than RMB 100 billion in 2020. It has licenses in Europe, the United States, Hong Kong and Hong Kong. However, when the news of pingpong's intention to list on the gem of Shenzhen Stock Exchange came out, it was still criticized by the media for its lack of license. According to the guidance progress report publicized on the website of Zhejiang Securities Regulatory Commission, pingpong is currently in the listing guidance stage and has completed the fifth phase of listing guidance in October

Another payment enterprise that has carried out cross-border payment business and impacted the listing has a series of numbers, holds a domestic payment license and was renewed this year. However, according to the public information of referee document network, its domestic payment business has been involved in litigation for many times. While the industry relies on low rates to fight a price war, compliance is also the focus of the market

Some people in the cross-border payment industry said that the supervision will become stricter as the market matures, and the license is one of the links. While the licensed enterprises are more compliant, they also relatively reduce costs. However, from the perspective of industry differentiated competition, it is equally important to improve the ability of products and services

(Shi Yi)

Compiled by Zhao Xiaochun

Figure | unsplash


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