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China central bank's new venture signals digital yuan ambitions

Finance Gateway to do info systems integration, data processing, tech consulting

The establishment of Beijing-registered Finance Gateway could also help China expand the influence of its own cross-border clearinghouse and payment system.   © Reuters

The People's Bank of China (PBOC) has set up a joint venture with SWIFT, the global network that processes transactions between financial institutions in different countries, public business records show, although the central bank hasn't made any official statement about the linkup.

SWIFT, which stands for the Society for Worldwide Interbank Financial Telecommunication, set up the venture, Finance Gateway Information Services, with several institutions under the PBOC on Jan. 16, according to information available on the National Enterprise Credit Information Publicity System. With registered capital of 10 million euros ($12 million), the joint venture will primarily be involved in information systems integration, data processing and technology consultancy, according to the publicity system.

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