BEIJING, Jan 24, 2011 (SinoCast Daily Business Beat via COMTEX) --
Sina Corporation (NASDAQ: SINA | PowerRating), one of the most renowned Internet portal operators in China, will jump into the online payment solution fray by launching its own online payment tool.
The company is on the point of rolling out its self-developed online payment tool that will support the Sina group purchase discount service sand the Sina shopping mall initially, said an executive for the Shanghai-based company yesterday.
Sina will apply for a license for the operation of online payment solution, according to the executive. China's central bank said last year that non-financial institutions were supposed to, before September 1, 2011, file for a permit for the online payment service they have been offering in the country.
Apart from Sina, a total of five online service providers in the country have made a deployment in the payment solution market by far, namely NetEase.com Inc. (Nasdaq: NTES), Alibaba Group, Tencent Holdings Limited (SEHK: 0700), Baidu, Inc. (Nasdaq: BIDU), and Shanda Interactive Entertainment Limited (Nasdaq: SNDA).
Source: www.yicai.com (January 24, 2011)
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