Chinese UnionPay International gets license of payment system operator in Nepal
July 24, 2019 10:55 AM NPT
By: Pratik Rana
KATHMANDU, July 24: Nepal Rastra Bank has granted a license for the payment system operator to Chinese company--UnionPay International to provide its services in Nepal recently.
The Chinese company can now provide electronic card network and card clearing services, according to UnionPay International. Chinese Ambassador to Nepal Hou Yanqi took to Twitter to make public the license granted to UnionPay. She congratulated the Chinese company for obtaining the first payment system operator license for an international company.
"We expect and encourage more Chinese companies to come to Nepal to conduct business under the premise of compliance," the envoy said.
"This license has been issued by exercising the power of Payment and Settlement Act, 2019 to UnionPay International Company Limited, registered at Shanghai Administration for Industry and Commerce, Shanghai China," the Nepali central bank has stated in the license, according to Xinhua News Agency, the state-owned Chinese media.
The NRB stated that the license has been provided in line with the Licensing Policy for Institution/Mechanism Operating Payment Related Activities, to carry out "Electronic Card Network and Payment Switch" related activities under the direction, terms, and conditions issued by the NRB.
In the past, the central bank had provided such license for four domestic companies--Prabhu Technology, Nepal Clearing House, SmartChoice Technologies and Nepal Electronic Payment Systems.