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Payments & FinTech Lawyer

Ban lifted on foreign non-financial institutions accessing the Chinese payments market

The People’s Bank of China (‘PBOC’) announced on 19 March 2018 that the ban on foreign non-financial institutions accessing the Chinese online payments and settlements market would be lifted following the implementation of the Announcement on Matters Relating to Foreign-funded Payment Institutions (the ‘Announcement’). The Chinese payments market has been experiencing strong growth since the establishment of the payment business licensing system in 2010. Several Chinese institutions have begun providing payment services worldwide. Meanwhile, foreign players are eager to participate in this fast growing market. Kevin Wang and Sarah Wang of CMS China in this article provide insight into the likely impact of the Announcement on the Chinese payments market, and how interested businesses should go about obtaining a payment business licence to operate in China.

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