Tue May 24, 2011 8:55am EDT
E-Payment Major Highlight of 2011 Lujiazui Forum; 99Bill Invited to Discuss Development and Market Potential
On May 19, the 2011 Lujiazui Forum was held, hosted by the People's Bank of China (PBOC), the China Banking Regulation Committee (CBRC), Securities Regulatory Commission (CSRC), Insurance Regulatory Commission (CIRC) and the Shanghai Municipal People's Government, kicking off three days of discussion focusing on "The Financial System and its Macro-management in a New Era" chaired by CIRC Chairman Mr. Wu Dingfu and Mayor of Shanghai, Mr. Han Zheng.
This is the fourth annual session of the Lujiazui Forum, which provides a high-level, international platform for financial experts to discuss global financial issues. A highlight of this year's Forum was e-payment and its influence on e-commerce and e-business. This is the first time that e-payment has been a specific topic of focus and demonstrates increased recognition of this integral part of the important and growing e-business sector in China.
99Bill CEO, Mr. Oliver Kwan was extended a special invitation by the Shanghai Municipal Government to attend the Forum as a business representative, taking the opportunity to discuss his experience with, and hopes for, the future of e-payment services in China, which he sees as a driving force pushing forward social and economic development in the country. His views on the role e-payment can play in bringing traditional industries into the scope of e-commerce and making capital flow more efficiently throughout the entire industry value chain resonated with everyone present.
Mr. Kwan and 99Bill believe that China's e-payment sector has already started to transition from the relatively simple role of facilitating online consumer purchases to a more integral position of influencing e-commerce in business-to-business transactions, which ultimately will have a much greater impact on economic development. As Chinese businesses, especially more traditional industries, move toward e-commerce, 99Bill sees massive potential for growth and expansion in the e-payment sector.
99Bill solutions are actively used in almost 20 industries including aviation, insurance, clothing, health care, education, etc., integrating the flow of both capital and information. In 2010, 99Bill's total transaction volume reached 400 billion RMB and will likely exceed one trillion RMB this year.
SOURCE REUTERS
http://www.reuters.com/article/2011/05/24/idUS134862+24-May-2011+PRN20110524