Apr 23, 2024 04:43 AM

FINANCE

Nonbank Payment Providers Get Five Years to Comply With New Rules

By Ding Feng and Han Wei

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By the end of 2023, there were 185 licensed non-bank payment institutions in China

By the end of 2023, there were 185 licensed non-bank payment institutions in China

What’s new: China’s central bank is collecting public comments for a set of guidelines governing the country’s 185 nonbank payment providers including Alipay and WeChat Pay, offering a five-year window for institutions to comply.

The People’s Bank of China Monday issued the draft guidelines, spelling out implementation details of the new industry regulations approved by the State Council late last year and due to take effect on May 1.

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