Date
22 October 2017

PBoC to tighten grip on 3rd-party payment industry, paper says

The People’s Bank of China (PBoC) will tighten regulation on the third-party payment industry, the Economic Observer reported Wednesday, citing central bank vice-governor Liu Shiyu {劉士余}. Among the likely measures will be withdrawal of licenses for those breaching the rules, the report said. The move follows recent cases of abuse of the automatic increase mechanism in credit limit on cards, it said. At present, there are 198 licensed third-party payment service companies in China, with 28 of them operating nationwide. The PBoC’s decision to tighten its regulatory grip could slow new licensing and could even spark a reshuffle of the entire industry, the report said.

– Contact HKEJ at [email protected]

EL/AC/RC

 

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