New reporting requirements for Chinese non-bank payment platforms
The People’s Bank of China (PBOC) has introduced new disclosure requirements for non-bank payment platforms around the reporting of major events or changes, which will come into effect at the start of September. The PBOC said that the goal of the new regulations is to “further standardise major reporting by non-bank payments organisations, raise risk identification, prevention and resolution capability on the payments market, and maintain the stability of the payments market.”
The days of light touch payments regulation in the Chinese market seem to be gone.
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