by Rushali 
China’s central bank, People’s Bank of China (PBOC) is partnering with the global interbank settlement organization SWIFT. SWIFT and PBOC subsidiaries, including the Digital Currency Research Institute (DCRI) and the bank’s clearing center, have registered with the Chinese government to found a company called Finance Gateway Information Services Company. It’s unclear what the new venture’s mission is. Public records dated Feb. 3, 2021, only say it will be involved in information systems aggregation, data processing, and technology consultancy.
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The National Enterprise Credit Information Publicity System, the Chinese government’s enterprise credit information agency’s data shows that the Beijing-based firm has 10 million euros, or US$12 million, already invested in it. SWIFT, its largest shareholder, contributed 5.5 million euros or $6.62 million, while PBOC’s clearing center invested 3.4 million euros or $4.1 million.
Changchun Mu, the head of the DCRI, will be one of the five board members of the firm.
The firm’s legal representative Meilun Huang appears to be the chief executive of SWIFT’s China branch.
To support China’s own fiat currency renminbi, SWIFT has opened a wholly-owned subsidiary over a year ago.
