iSignthis Ltd (ASX: ISX) (“the Company” or “iSignthis”) has received executed access agreements, and also finalised and tested its technical integration with Yeepay, and its subsidiary the Beijing Yi HuiJin Information Service Co. Ltd (together “Yeepay”). ISX and Yeepay can begin transacting through the ISX platform immediately.
YeePay (YeePay.com) is a pioneer and leader in the Chinese e-payment industry.Headquartered in Beijing. Yeepay employs over 2,000 people in Beijing, Shanghai, Guangdong, Tianjin, Sichuan, Shandong, Jiangsu, Zhejiang, Fujian, and Shaanxi. YeePay has access to more than 100 commercial banks in China and was among the first businesses to obtain a nationwide payment license from the People’s Bank of China. YeePay is also licensed by the China Banking Regulatory Commission to conduct mutual fund-related transactions, and by the State Administration of Foreign Exchange for cross- border transactions. In 2014, YeePay processed US$77 Billion of transactions, up over 100% from 2013.1
Yeepay allows customers located in China to pay for goods and services to over one million domestic merchants, yet comparatively has only a modest number of merchants outside of China. The integration and access agreements between Yeepay and iSignthis will allow customer’s holding private accounts at the banks and service providers shown below in “Figure – 1” to take advantage of the new service, which includes being able to transfer funds out of China.
The iSignthis integration layers AML/CTF KYC customer due diligence onto the Yeepay service, which in turn provides a compliance solution for merchants located outside of China seeking to transact with Chinese customers. New or existing merchants with a Yeepay account may take advantage of the converged iSignthis ‘paydentity’ service by integrating directly to iSignthis API.
Typical payment applications may include Travel, eCommerce or Foreign Exchange, with iSignthis now ready to commence marketing the service to prospective travel customers.
iSignthis Managing Director Mr. N J (John) Karantzis commented “the integration with YeePay will open up a multitude of new customers and potential revenue streams for ISX. Chinese online payments have grown rapidly over the past five years and in just the first two months of 2016 online retail sales in China jumped 27% YoY to $US98 billion2”.
1 https://www.ta.com/about/news/ta-associates-announces-investment-in-yeepay
2 Source National bureau of statistics of China https://www.stats.gov.cn/tjsj/zxfb/201603/t20160312_1330123.html