News this week: China’s e-commerce service provider, Zhejiang Netsun, announced
the launch of its B2B payment platform, SinoPay.com. According to Netsun, the company invested
US$16 million in its subsidiary company for the development of SinoPay.com.
Netsun will initially launch SinoPay.com on its own B2B platforms,
including B.toocle.com and Smallpin.com. In the second phase of the launch, the
company plans to expand its service to other major industry platforms across
China. Netsun cited the Chinese government’s 12th Five-year Plan where
e-commerce transaction value is projected to exceed US$2.8 trillion by 2015, of
which US$2.4 trillion will be generated from B2B transactions.
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