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Swift to set up wholly owned Chinese unit

Financial messaging services provider Society for Worldwide Interbank Financial Telecommunication SCRL, or Swift, plans to set up a wholly owned subsidiary in Beijing to provide services to Chinese users.

Swift and the Beijing municipal government signed a memorandum of understanding on Jan. 16., according to a same-day release by the People's Bank of China.

Once established, Swift's subsidiary will join the Payment and Clearing Association of China and will fall under the supervision of the Chinese central bank.

Further, Swift signed a letter of intent with China International Payment Service Corp. to deepen cooperation in the development of cross-border payment services.