PBOC To Regulate Payment, Settlement Businesses Of Internet Platforms In China

News Source: ChinaTechNews.com

The People's Bank of China has published a notice that requires all non-financial organizations engaged in payment and settlement businesses in China, including Internet platforms such as Alipay, to fully register under the new guidelines before July 31, 2009.

Though PBOC says the registration results will only be used as references of making relevant policies and will not be taken or explained as an administrative licensing decision for the payment and settlement businesses of designated non-financial organizations, there might be worries that PBOC may start to regulate the payment and settlement businesses of these organizations.

This registration requirement is reportedly covering all kinds of payment and settlement businesses, including online payment; the issuance and settlement of e-currency; the interbank clearing of notes; the interban...

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