IZP Group Signs Cooperation Agreement with Lithuania Central Bank

BEIJING, Sept. 22, 2015 /PRNewswire/ -- Chinese enterprise IZP and Lithuania's central bank signed a cooperation agreement on setting up bank card association on June 22, allowing IZP's global online payment arm Globebill to carry out card association business in Lithuania. Globebill, as a dual-currency card association, was being introduced to Lithuania, which the company will use as a base for exploring European market.
 
Recently, the general office of the state council issued "the guidelines of general office of the state council on promoting the healthy and rapid development of cross-border e-commerce" with the cooperation between China and Lithuania made under the background of the opinions issued.

IZP chairman Luo Feng told Xinhua reporters that the cooperation between IZP and Lithuania's central bank mainly includes: both sides introducing Globebill as a dual-currency card association to Lithuania; setting up an automatic clearing institute to organize card clearing; Lithuania's central bank assisting Globebill to become a legal entity and obtain the electronic currency agency licence that allows the licencee to open an international bank account and provide payment support; the Globebill network being connected to the European retail payment system (SEPA - MMS) and real-time settlement RTGS system (TARGET2); Lithuania's central bank helping Globebill to build up a platform, promoting further cooperation between China and Lithuania; a Europe oriented Globebill settlement center that connects with local banks in Lithuania and other European countries that will become a unified channel for trade between China and countries in this region; and Globebill issuing Globebill credit cards for both enterprises and individuals in Lithuania and European countries.
 
Luo Feng said: "Lithuania is a member of the European Union and a destination for the IZP Silk Road Station project. Adhering to the concept of "finance in advance", the first task is connecting Lithuania's central bank and all the clearing systems of the European Union in the Euro zone. IZP Silk Road Stations are the policy of the national strategy of One Belt and One Road, and the clearing and settlement system based on RMB is one of the essential elements.
 
The cooperation between China and Lithuania will be beneficial to businesses from both countries. Luo Feng stated that the US dollar now is as an intermediary currency in the exchange process of Euro and RMB. The process will upgrade to the direct exchange between Euro and RMB, which will reduce the time and cost during the process of trade for enterprises. The cooperation can promote the trade between China and Lithuania, and help to enhance the level of trade facilitation between China and the EU and deepen Sino-EU economic and trade cooperation.
 
The cooperation will also help IZP enter the Lithuanian market. IZP Group will carry out financial operations in the One Belt and One Road region, and gradually establish a global RMB clearing system which will promote the internationalization of the RMB.
 
Lithuania is located on the Baltic Sea and next to Russia, Latvia, Belarus and Poland, with advantages in road and waterway transportation. It is an important hub for One Belt and One Road and can be used as a portal for Chinese enterprises to enter the European market. As trade between Europe and China deepens, establishing a payment and settlement systems in this region is necessary.

SOURCE IZP Technologies Group