King & Wood Mallesons advises China National Clearing Center, etc., on the establishment of a joint venture with SWIFT

On 16 January 2021, the China National Clearing Center (the "CNCC" ), the Cross-Border Interbank Payment System ("CIPS"), the Digital Currency Research Institute of the People's Bank of China ("DCRI"), and the Payment & Clearing Association of China ("PCAC") set up a joint venture with the Society for Worldwide Interbank Financial Telecommunication S.C. ("SWIFT"), a global provider of financial messaging services, in Beijing. The new entity, called Financial Gateway Information Services Co., Ltd., is mainly engaged in information system integration, data processing and technical consulting.

CNCC, CIPS, DCRI and PCAC are the Chinese shareholders of the joint venture and SWIFT is its foreign shareholder.

King & Wood Mallesons acted as the counsel to the Chinese shareholders, including CNCC, CIPS, DCRI and PCAC, in the establishment of the joint venture.

The project was led by partners Mulong Gong, Linlin Liu, Lawrence Yu, Cecilia Lou and Alicia Zhang.