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China Mobile investing in Shanghai Pudong to develop mobile payments

China Mobile Ltd. Chairman Wang Jianzhou said Thursday a main reason for the telecommunication giant's planned investment in Shanghai Pudong Development Bank Co. is to develop its own mobile payment system.

Wang, speaking on the sidelines of the National Committee of the Chinese People's Political Consultative Conference, said a mobile payment system is vitally important for the telecom company, the world's biggest mobile operator by subscribers, to compete in the industry.

China Mobile said Wednesday it is in talks to buy a stake in Shanghai Pudong Development Bank in a potential deal that could lead to its first major investment outside of its core mobile business and help it to expand into mobile e-commerce.

He also said China Mobile is planning a Shanghai listing through China's international board, although there's no time table for the A share listing.

He said China Mobile's planned investment in Taiwan telecommunication provider Far EasTone Telecommunications Co. has not gained regulatory approval in Taiwan, even though China Mobile has established a unit there.

Источник: Total Telecom

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