Date
17 October 2017

PBOC fleshes out third-party RMB payment policy, paper says

The People’s Bank of China has issued detailed regulations on cross-border renminbi transactions by third-party online payment providers, 21st Century Business Herald reported Friday, citing the central bank’s Shanghai office. These include lower thresholds and looser regulatory requirements. All licensed third-party payment companies registered in Shanghai are allowed to undertake cross-border renminbi payment. There are no restrictions on payment amounts or sectors. The new policy strengthens risk control and requires tougher anti money-laundering measures, the report said.

– Contact HKEJ at [email protected]

KZ/AC/RA

 

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