SWIFT and the clearing center and the digital currency research institute of the People’s Bank of China (PBoC) have joined forces to start a financial gateway company in China, The Block reports.

The new entity, called Finance Gateway Information Service Limited, was registered in Beijing on January 16 with 10 million euros ($12 million) as incorporation capital, according to public records.

The global interbank settlement organization contributed 55% of the capital via a Hong Kong subsidiary. Notably, China National Clearing Center, a fully-owned domestic settlement subsidiary of the PBoC, owns 34% of the new entity.