China (Shanghai) Pilot Free Trade Zone activated the cross-border RMB payment services in an effort to facilitate the internationalization of RMB, reported Xinhua News Agency on February 18. Five third-party payment companies, including AllinPay, 99Bill, ChinaPay, Orient Electronic Payment, and Shengpay are given green lights to process cross-border RMB payment, with each of them opening a cross-border RMB account with the Shanghai branch of ICBC, People's Bank of China, China Construction Bank, China Merchants Bank, and China Minsheng Bank. The move is the first of a slew of measures aimed at facilitating cross-border RMB transaction, interest rate liberalization, and reform of foreign exchange management.