PUBLICATION




21 October 2016

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21st October 2016- ONEPIP has signed a partnership agreement with BestPay, one of China’s largest mobile payments company, and is proud to be BestPay’s first official overseas partner.

China Telecom, a Chinese state owned telecommunications company, is one of the world's largest and leading integrated information service operators. In 2011, China Telecom established a company, China Telecom BestPay, to run its mobile payment business, BestPay. Since then, BestPay has been the key channel to drive China Telecom’s value-added services, handling 770 billion yuan ($116 billion) in transactions in 2015, as it partnered with merchants including insurance companies.

Through this agreement, businesses will be able to work with ONEPIP and BestPay to execute RMB transactions, and benefit from the advantages brought about from the internationalisation of the RMB. Clients will be able to save on foreign exchange conversion charges and improve their supplier relationships with the faster delivery times. This partnership is highly strategic and mutually beneficial, with ONEPIP being able to leverage on BestPay’s strong knowledge of the Chinese local market and BestPay being able to capitalize on ONEPIP’s extensive customer database.

Mr Felix Tan, Executive Director of ONEPIP, said: “We look forward to our partnership with BestPay to provide clients with an integrated solution for their RMB payments. With their strong presence in China and well established reputation, BestPay is a preferred partner for the facilitation for cross-border RMB payments. We are confident that the complementary strengths of both companies will serve as a strategic competitive advantage for the venture to gain significant growth opportunities in China.”