China Plans National Clearance System For Online Payment Providers

China is planning to launch a national clearance system for third-party online payment service providers, in an effort to standardize and control risks in the flourishing Internet payment and financial services sector, according to Chinese media reports citing insiders.

The People's Bank of China is taking a leading role in establishing the system, and will acquire a stake in the platform to ensure control over the critical financial technology infrastructure.

The system, officially named "non-bank payment institutions online payment and clearance platform," has been in consideration for several months and is currently planned to go live in March next year.

An earlier blueprint of the platform had Alipay and Tenpay, two of the largest online payment service providers backed by Alibaba and Tencent, taking charge of the effort. That p...

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