Since its inception in 2013, The Shanghai Free Trade Zone (FTZ) has attracted a slew of foreign companies eager to make use of its preferential policies. The FTZ’s policies were designed with certain industries in mind, such as e-commerce, trading, and finance. The latest company to establish itself in the Shanghai FTZ for its liberal financial climate is no other than Apple.
According to the Shanghai FTZ management committee, Apple has registered a subsidiary for Apple Pay. Apple Pay is Apple’s digital wallet software that, among other things, makes is possible for users to make payments using just their iPhone and the tip of their finger.
Apple Pay is currently only available in the USA and the UK. According to Chinese news agency Xinhua, Apple is in talks with Chinese bank card association China UnionPay in order to spread its service to the Chinese market. Apple Pay uses Near Field Communication (NFC) technology, which China UnionPay has been promoting for some time. However, alternatives offered by Tencent (WeChat Wallet) and Alibaba (AliPay) are far more popular.
Opportunity Guide can help your company take advantage of the Shanghai FTZ. Our warehouse in the FTZ, located close to the Shanghai Port, is suitable for companies wishing to join China’s booming e-commerce industry. Opportunity Guide can also help your company set up a Chinese subsidiary in the Shanghai Free Trade Zone, using either a physical, or a virtual address. For more information, please contact us.