(Yicai Global) May 21 -- Chinese internet company Netease opened its cross-border service today.
It will support not only its own cross-border e-commerce, but also third-party merchants and partners, tech media 36Kr reported.
Netease Pay, Guangzhou-based Netease's payment arm, has worked with US-based Citibank to provide cross-border e-commerce operator with accounts to collect payment in foreign currency. China UnionPay and China Netcom will then settle these funds before sellers get them in their Chinese yuan accounts.
This collection business is currently mainly for Chinese export sellers. Netease Pay will start cross-border financing and tax refund services and other customized and value-added services for sellers in the third quarter after the platform has improved its basic functions, a person in charge at the company said.
Netease Pay started operating in February in 2009. Netease used it for payment for its own games, e-commerce and financial services at first, and then developed it into a more comprehensive platform, which has worked with US e-commerce giant Amazon to develop yuan cross-border payment systems since 2015.
Netease's Kaola is China's leading e-commerce platform. It topped the sector with a 27.5 percent market share in the first quarter, and stayed top dog for eight straight quarters, according to the Guangdong-based data mining and analysis company iiMedia Research's latest report.
Editor: Ben Armour