Deutsche Bank joins NetsUnion to enhance payments position in China
(21 March 2019 – China) Deutsche Bank announced it would be the first international bank to join the NetsUnion network in China to facilitate the e-wallet payments of corporate clients.
The NetsUnion Clearing Corporation (NUCC) was created in August 2017 by the People’s Bank of China to ensure non-banking transactions, such as those made through Alipay and WeChat pay, were more closely monitored.
The growth of the NUCC has helped standardise mobile transactions by linking e-wallet providers with a consortium of participating banks. Analysts say it should lead to reduced operating costs and prevent the duplication of investment.
According to a report by Shanghai-based news outlet Caixin, Tencent, the publisher of social messaging app WeChat, and Alibaba own 10% of the quasi-governmental body responsible for settling payments.
By securing a way in, Deutsche Bank says it will be able to offer faster and more efficient collection solutions enhancing its corporate cash management offering in China.