Image source: Sohu.com
According to Trade and Industry information on Oct 29 2012, 360Buy had completed the acquisition of Chinabank Payment. Meanwhile, 360buy is investing in the technology development to build its own online payment platform.
The Trade and Industry information demonstrated that the legal representative of Chinabank Payment (Beijing) Technology Co., has been transferred to Liu Qiangdong, the CEO of 360buy. Previously, the legal representative was Zhao Guodong.
A reliable source disclosed that, 360buy negotiated the acquisition with several payment companies and decided to choose Chinabank Payment, who provides with comparatively lower prices but has greater potential. The business matchmaking is ongoing and Zhao appears in the executive meetings of 360buy.
According to analysis from industry insiders, there are two major reasons for 360Buy to set foot in the field of online payment. Firstly, it will add weight for its IPO to acquire another company. Secondly, this is a strategic step to integrate its industry chain, which will be a trend in the near future. Beforehand, 360Buy had to settle accounts with buyers via other third-party online payment gateway, which costs a lot and may result in data disclosure. After the acquisition, 360buy can handle the cash flow and even provide petty loans for SMEs.