China Unicom forms subsidiary for payment service

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China Unicom forms subsidiary for payment service

Shanghai. April 22. INTERFAX-CHINA - China United Network Communications Group Co. Ltd. (China Unicom) announced April 21 via a micro-blog post that it has established a wholly-owned subsidiary to operate online and mobile payment services.

The subsidiary, Unicom Woyifu Internet Technology Co. Ltd. (?????????????), has a registered capital of RMB 250 million ($38.38 million) and was formed April 18, according to a online post by China Unicom on Sina Weibo, a popular Chinese micro-blogging service.

The subsidiary is applying to operate online and mobile payment services. In June last year, the People's Bank of China began requiring non-financial companies with payment service-related ventures to apply for relevant licenses.

- LC