YeePay Selects ClearBank as Safeguarding Bank for UK and European Expansion
YeePay Partners with ClearBank for UK and EU Growth
YeePay, a major third-party payment provider in China, has chosen ClearBank as its safeguarding bank partner for its expansion into the UK and European markets. This partnership supports YeePay's applications for Electronic Money Institution (EMI) licences with the UK's Financial Conduct Authority (FCA) and De Nederlandsche Bank (DNB) in the Netherlands.
Strategic Expansion and Regulatory Compliance
YeePay processes over USD 720 billion in transactions annually, offering digital and cross-border payment services in more than 200 countries and regions. The company is focusing on obtaining local licences in key markets, including the UK and the Netherlands, to provide merchants with regulated payment infrastructure as they expand into Europe.
ClearBank's Role and Infrastructure
Upon approval of YeePay's EMI licences, ClearBank will provide indirect access to UK and European payment schemes. This will enable YeePay to issue named local virtual IBANs (VIBANs) to merchant customers for collections, payouts, and safeguarded funds. ClearBank will also onboard existing regulated entities within the YeePay group to facilitate certain payment activities and VIBAN issuance under current regulatory permissions, ahead of full licence approval.
Industry Trends and Previous Collaborations
The partnership highlights a trend of Asia-based fintechs seeking regulated UK and European banking infrastructure for international growth. ClearBank, having obtained its European banking licence in 2024, is positioned to serve clients across both regions. In late 2023, YeePay also partnered with Worldline to enhance cross-border payment solutions in China's aviation and travel sectors.
- YeePay targets regulated expansion in Europe
- ClearBank provides banking infrastructure and compliance
- Partnership reflects broader fintech industry trends