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Beijing curbs non-bank payment institutions; the ‘new era’ of Sino-US relations and Xi Jinping

     SinoInsight  1      On Jan. 20, the People’s Bank of China issued draft regulations governing non-bank payment institutions (《非銀行支付機構條例(徵求意見稿)》). Per the regulations:  The payment business of non-bank institutions will be reclassified into one of two types—stored-value account operations or payment transaction processing—and will be regulated accordingly.    Non-bank institutions need to apply for a …

Read moreBeijing curbs non-bank payment institutions; the ‘new era’ of Sino-US relations and Xi Jinping

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