On the move

Cai Hongbo to head e-clearing platform

Cai Hongbo, vice-president of the Payment and Clearing Association of China, was appointed chairman of the newly established online payment-clearing platform for non-banking institutions. Six nominated posts for the board of the platform went to representatives from Alipay of Alibaba Group, Tenpay from Tencent and Bestpay from China Telecom. The online platform started operations in March as an intermediary linking various mobile payment tools with Chinese banks. This will also facilitate better regulation. Its shareholders' meeting will be held this week to select 13 board members and executive managers.

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