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Policy

China's Central Bank Is Partnering With SWIFT on a New Joint Venture

It's unclear what the new group's mission will be, though People's Bank of China employees working on its digital currency efforts will be involved.

By David Pan
AccessTimeIconFeb 3, 2021 at 9:54 p.m. UTC
Updated Sep 14, 2021 at 12:06 p.m. UTC
People's Bank of China's headquarters in Beijing

People's Bank of China's headquarters in Beijing

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The global interbank settlement organization SWIFT is partnering with the People's Bank of China (PBOC).

SWIFT and PBOC subsidiaries, including the Digital Currency Research Institute (DCRI) and the bank’s clearing center, have registered with the Chinese government to found a company called Finance Gateway Information Services Company. It's unclear what the new venture's mission is. Public records dated Feb. 3, 2021, only say it will be involved in information systems aggregation, data processing and technology consultancy.

The Block first reported the news Wednesday.

The Beijing-based firm has 10 million euros, or US$12 million, already invested in it. SWIFT, its largest shareholder, contributed 5.5 million euros or $6.62 million, while PBOC’s clearing center invested 3.4 million euros or $4.1 million, according to the records on the National Enterprise Credit Information Publicity System, the Chinese government's enterprise credit information agency. 

There are five board members for the firm, including Changchun Mu, the head of the DCRI. The firm’s legal representative Meilun Huang appears to be the chief executive of SWIFT’s China branch. 

SWIFT opened a wholly-owned subsidiary in China over a year ago to support the country's efforts to internationalize its fiat currency renminbi.

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