Apple is reportedly getting ready to bring Apple Pay to China. The company is said to have registered a company within the Shanghai free-trade zone called Apple Technology Service (Shanghai) Ltd. The purpose of the company would apparently be to operate the Apple Pay business in China.
From The Wall Street Journal:
Officials from the pilot free-trade zone said on Wednesday that an Apple entity was registered in the zone to operate the Apple Pay business, Shanghai's government-backed newspaper Wenhui News reported.
Apple has apparently seeded $13.4 million of capital with this company. The chairman and legal representative of the company is Gary Joseph Wipfler, who currently serves as Apple's vice president and corporate treasurer.
Apple has been looking to bring its payment system to China since it launched towards the end of 2014. It was reported earlier this year that Apple was meeting resistance in bringing Apple Pay to China, though CEO Tim Cook later said he was "bullish" on the prospect.
Source: The Wall Street Journal