SWIFT sets up wholly-owned enterprise in Beijing

The Belgium-based financial messaging services provider SWIFT set up a wholly-owned enterprise in Beijing Tuesday amid China's further opening of its financial market.

The move marks the company's foray into the world's second-largest economy, making RMB the third international currency accepted by the organization after the dollar and the euro, according to Alain Raes, chief executive of SWIFT Europe, Middle East and Africa.

The wholly-owned enterprise also comes as the country is ramping up efforts to open up its financial market, with the government easing ownership restrictions for overseas financial investors.

The company will promote wider international use of RMB, and increase connectivity between the Chinese financial industry and the international market as well as financial institutions, said Raes.

SWIFT, or the Society for Worldwide Interbank Financial Telecommunications, has a global financial network covering over 200 countries.

According to a report released by the Beijing-based research company Analysys in January, China's cross-border payment industry has developed quickly in the last several years with policy support such as the increase of cross-border payment licenses, the rising trend of outbound tourism and the tax lift on cross-border e-commerce platforms.