China's PICC gets approval to set up online payment firm

April 20, 2015 10:20 AM

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BEIJING, April 20 (Reuters) - A unit of People's Insurance Company of China Co (PICC), one of China's biggest insurers, has received regulatory approval to set up a third-party payment firm, challenging banks for control of the crucial market.

The China Insurance Regulatory Commission said on Monday it granted PICC Life Insurance Co permission to invest 200 million yuan ($32.3 million) to establish a wholly-owned subsidiary, Beijing Baofutong Ltd, according to an online notice posted by the insurance regulator.

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