The Liangjiang-based internet company, Yijifu Technology Company, has obtained a payment license from the China Securities Regulatory Commission (CSRC), according a recent announcement from the company.

Yijifu is now authorized to provide third-party payment settlement services to fund companies, sales agents and investors. It is also now the only company to have obtained the license in the Chongqing municipality. The license obtained by Yijifu is beneficial to the Liangjiang New Area in improving its service ability and comprehensive strength; and in constructing the new area into the financial center of the upper Yangtze River.

The third-party payment settlement service allows investors to buy funds through third-party payment platforms, instead of paying into banks.

As the biggest third-party payment settlement organization, Yijifu’s daily volume of trade is close to 4 billion yuan (about $643 million) and covers different internet financial areas, including P2P, crowdfunding and online banking.

At present, the finance industry has become the second largest industry in the Liangjiang New Area. With the fast development of financial leasing, financial insurance, commercial factoring and consumer finance, Liangjiang has created a new industrial distribution network of innovative finance industries.

Edited by Jacob Hooson