A source close to the China Securities Regulatory Commission (CSRC) has disclosed that Chinese third-party payment processors Alipay, Tenpay, and 99Bill have all been granted CSRC approval to provide third-party payment for the purchase of shares in investment funds and settling of accounts, and will receive their licenses to do so this week. If all goes according to plan, the licenses should be distributed by this Friday.

Chinese e-payment providers China Payment and Remittance Service, All in Pay, Shanghai UnionPay, and YeePay have all recently been granted the license as well.

A marketing representative at 99Bill reported that the company has been preparing for obtaining the license for close to three years, and has already signed contracts with nearly 30 fund management firms.

Source:marbridgeconsulting