Caixin
BUSINESS & TECH

How Did an Ambitious Cross-Border Settlement Firm’s Dream Turn Sour?

By Wu Yujian, Zhang Yuzhe, Yu Ning, Qu Yunxu, Lin Jinbing and Han Wei
Luo Feng, founder and chairman of IZP Group (left), and Huang Suzhi, the company’s legal representative and vice president. Photo: Caixin
Luo Feng, founder and chairman of IZP Group (left), and Huang Suzhi, the company’s legal representative and vice president. Photo: Caixin

A financial technology enterprise has raised market attention and secured billions of yuan from state investors with its eye-popping blueprint to become a cross-border settlement giant comparable to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system.

But some experts are asking whether its dream is too big. And it has drawn the attention of graft investigators for its murky connections with local officials, including former Chongqing party chief and Politburo member Sun Zhengcai, who was recently put under investigation.

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