More oversight for payment platforms
China DailyThe People's Bank of China. The People's Bank of China, the country's central bank, unveiled the full spectrum of rules aimed at ensuring solid implementation of the measures for supervising and managing nonbanking payment institutions, which were earlier issued by the State Council and took effect on May 1. Yan Fang, head of the PBOC's Payment and Settlement Department, said the detailed rules have differentiated regulatory requirements for payment institutions that engage in stored-value account operation and payment transaction processing. Yang Haiping, a researcher at the Central University of Finance and Economics' Institute of Securities and Futures, said the rules will help advance full-spectrum supervision throughout a payment platform's life cycle. Yan, the PBOC official, said foreign visitors can now flexibly choose among various payment methods, including bank cards, cash and mobile payments.
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More oversight for payment platforms
China Daily
PBOC releases guide to payment services for foreigners
China Daily
PBOC releases guide to payment services for foreigners
China Daily
China to toughen supervision of non-bank payment institutions
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