YeePay, a major Chinese third-party payment service provider, has chosen ClearBank, a UK-based real-time clearing and embedded banking company, as its safeguarding bank partner for entering the UK and European markets.
The collaboration aligns with YeePay’s efforts to secure Electronic Money Institution (EMI) licenses from the Financial Conduct Authority (FCA) in the UK and De Nederlandsche Bank (DNB) in the Netherlands.
With over USD 720 billion in annual transactions, YeePay offers digital payment solutions across more than 200 countries and regions. Its international growth strategy involves obtaining local regulatory approvals to cater to merchants looking for compliant payment infrastructure as they venture into European markets.
Supporting Infrastructure and Regulatory Compliance
Once approved by the FCA, YeePay’s EMI licenses will allow ClearBank’s platform to facilitate indirect access to UK and EU payment systems. This will enable YeePay to issue local virtual IBANs for collections, payouts, and safeguarded funds to its merchant clients. ClearBank will also assist in onboarding existing regulated entities within the YeePay group, enabling certain payment activities and VIBAN issuance under their current regulatory permissions before full license approval.
This partnership mirrors a trend of Asian fintech companies with significant transaction volumes seeking regulated UK and European banking infrastructure as they expand internationally. ClearBank received its European banking licence in 2024, enhancing its capabilities to serve clients needing banking services across the UK and EU.
On this news, Yu Chen, Co-Founder of YeePay, highlighted that ClearBank’s regulatory expertise and infrastructure will play a crucial role in advancing YeePay’s expansion into the UK and European markets. Mark Fairless, CEO of ClearBank, emphasized how their scalable infrastructure combined with regulatory know-how supports international growth for Asian clients.
Previous Collaboration
In the fall of the previous year, Worldline partnered with YeePay to explore cross-border payment opportunities in China’s aviation and travel sectors. This collaboration aimed to merge Worldline’s global acquiring network and expertise in European aviation payments with YeePay’s extensive knowledge of China’s travel payment ecosystem.
