21 September 2015

Globebill to set up payment and bank card settlement system in KSA

Worldwide online payment provider Globebill has signed a bank card settlement cooperation agreement in Saudi Arabia as part of its drive to set up cross-border trade settlement facilities in countries along "One Belt and One Road" concept initiated by China.

Globebill will set up a payment and bank card settlement system in Saudi Arabia for issuing credit cards to individuals and enterprises, ensuring that the trade between China and Saudi Arabia can be paid and settled through Globebill's platform. Both sides have further agreed to jointly promote the implementation of Globebill's payment and settlement service and issuance of personal and corporate credit cards in the entire Middle East and North Africa region.

Globebill is among the first batch of enterprises to provide such a third party payment platform. The company has an Internet payment license and a bank card acceptance license from the People's Bank of China, and was among the first cross-border e-commerce and foreign exchange payment pilot enterprises approved by Visa QSP and the China's State Administration of Foreign Exchange. Globebill mainly provides cross-border payment and financial services, establishing a financial channel for merchants and global trade.

According to Globebill, China is KSA's second-largest trading partner.