18 August 2019

PBoC third-party payment rules too strict, paper says

Draft rules by the central bank on third-party payment are too strict and difficult to implement, China Securities Journal reported Tuesday, citing industry sources. The proposed regulations, which restrict fund transfers through third-party payment accounts, have caused confusion and panic among account holders, the report said. Meanwhile, Alibaba Group, which operates third-party payment platform Alipay and online fund Yu’E Bao, said it is in touch with the People’s Bank of China regarding the matter and that its financial services are working normally.

– Contact HKEJ at [email protected]



EJI Weekly Newsletter

Please click here to unsubscribe