China Telecom Bestpay Plans to Launch Fintech Subsidiary, Sees Annual Transactions Approach 2 Trillion Yuan,

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China Telecom’s payments subsidiary Bestpay has unveiled plans to establish its own fintech vehicle.

During a speech delivered on 8 November at a partnership conference held in the Guangdong province capital of Guangzhou, Bestpay general manager Luo Laifeng (罗来峰) said that the company planned to launch its own “digital technology company” to focus on servicing financial and real enterprises.

“Against a background of flourishing 5G growth and acceleration digital evolution, Bestpay will focus on strengthening tech innovation, creation of a digital lifestyle ecosystem and innovative digital financial services,” said Luo.

Bestpay also announced that as of September 2020 it was providing its services to 50 million monthly active customers, and its annual transaction volume was approaching 2 trillion yuan.

Bestpay’s consumer finance instalment operations had already reached 21 million customers, incorporating more than 20 billion yuan in funds from the public.

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