Deutsche Bank (China) Co. has joined the NetsUnion Clearing Corporation’s network (NUCC) to facilitate the e-wallet payments of its corporate clients.
NetsUnion was established by the Payment and Clearing Association of China (PCAC). Officially launched in March 2017, NUCC is the online clearinghouse supervised and regulated by the state-owned People’s Bank of China (PBOC) and has quickly become a critical component of China’s financial infrastructure system.
NUCC acts as the designated platform for all mobile payments and aims at standardising mobile transactions, as well as providing transparency in the non-banking payments market.
After joining the NUCC network, which links e-wallet providers with participating banks, Deutsche Bank will be able to offer faster and more efficient collection solutions, enhancing its corporate cash management offering.
“We are proud to be one of the first foreign banks to join the NUCC platform,” said Dirk Lubig, head of global transaction banking China and head of corporate cash management Greater China at Deutsche Bank.
“It is a step forward as we continue to expand our service offering in China. As non-banking payments record staggering growth, Deutsche Bank is well positioned to meet the e-commerce payment needs of its corporate clients onshore.”
Last month it was reported that NUCC was forming a joint venture (JV) with Mastercard, as part of China’s ongoing initiative to open up its financial markets.
According to the report, NUCC approved a plan that would see Mastercard take a controlling 51% stake in the new JV, which has one billion yuan ($149 million) in registered capital. The company will refile an application for a bankcard transaction clearing license with the PBOC.
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