Lakala Group chairman sets up third-party payment system

Sun Taoran, chairman of Lakala Group - China's biggest offline payment provider - is indeed a "crossover" entrepreneur.

Over the past 20 years, he has founded and co-founded seven enterprises in seven industries, ranging from media to consulting to agriculture and offline payments.

And each of them, which were highly innovative from the day of their launch, went on to become industry leaders.

Lakala's booth at 2013 China International Finance Exhibition in September in Beijing.[Photo/China Daily]

As the author of the bestseller 36 Rules in Entrepreneurship, Sun became known as also the "king of entrepreneurs".

Now Sun has decided to set up a third-party payment system, which refers to an Internet-based means of exchange that provides online (Internet) and offline (landline and mobile phone) payment channels enabling user-to-merchant online payments, funding settlements, conducting inquiries and gathering statistics.

Founded in 2005, Lakala is a member of Legend Holdings Ltd. As one of the earliest third-party payment providers licensed by the People's Bank of China, Lakala has more than 50 million users now.