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]