ChinaPay, a subsidiary of China’s largest credit card company UnionPay, joined hands with a KOSDAQ-listed firm Wizit to launch into the Korean FinTech (finance + technology) market.
According to industry sources on November 23, Wizit, a specialist in semiconductor component manufacturing, signed a memorandum with ChinaPay which is responsible for UnionPay’s online payment service, to launch into the online payment business in Korea.
Under the terms of the agreement, the two parties will jointly carry out online payment services in Korea through their joint venture ePay Korea established in June.
An ePay Korea official said, “We are now in talks with local banks to establish payment platforms.”
If ePay Korea can conclude its contracts with local banks as expected, it will be able to launch the online payment service within the first half of next year.
