Hui Fu Tian Xia, a third party e-payment company, has launched in Shanghai.

Zhou Yeyuan, former general manager of China UnionPay E-payment Service Company, will work as the CEO of this new company, which has won support from a number of domestic and international consortiums including Indonesia's Sampoerna, the biggest shareholder of Hui Fu Tian Xia.

Hui Fu Tian Xia provides a trans-bank payment system featuring remittance services and many other value-added financing services.

Analysts quoted in local media say this new company will be a direct competitor to China UnionPay which has been monopolizing the third-party payment market of China.