PanPay

PanPay is a fintech company founded by Zhou Jian, a veteran international clearing expert with over a decade of cross-border financial services experience at McKinsey, Microsoft, ICBC, and UnionPay International. The company positions itself as China's first fintech enterprise to obtain a digital banking license, and as of 2018 held EU central bank digital banking licensure alongside U.S. money services, Hong Kong money service operator, and China financial information service qualifications .

Its core offering centers on multi-currency offshore banking accounts for Chinese SMEs and individuals, providing global collection and payment services, currency exchange, and card business. Zhou Jian established the company to address what he saw as traditional banks' neglect of small and medium enterprises' cross-border financial needs . The company emphasizes compliance as a competitive moat—its banking core system is EU central bank-certified and directly linked to EU clearing systems, with customer funds held in segregated accounts under ECB supervision .

Source Code Capital led PanPay's pre-A round of tens of millions of RMB in November 2018, with partner Sun Tong joining the board. Sun described PanPay's model as "closer to the ultimate form" of cross-border payment solutions due to its licensing capabilities and operational strengths . By 2019, PanPay had launched euro clearing and, subsequently, U.S. dollar clearing, and was exploring SaaS modules to help European banks conduct KYC on Chinese corporate clients .