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Tag Archives: online payments

Posted in Policy & Regulation, Technology Roy ZouAndrew McGintyMark Parsons

PBOC opens the door for foreign payment institutions

1. Overview

On March 21, 2018, the Chinese central bank and regulator of payment services operators (“PSOs“), the People’s Bank of China (the “PBOC“) circulated PBOC Announcement No.7 of 2018 (the “Announcement“) lifting the de facto but unwritten ban on foreign institutions’ accessing the Chinese online payments and settlement market. The move will allow

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