PRC regulator’s new attempt to put payment institutions on a levelling playfield with banks

By Chen Yun, Janet Gu, Wang Rong King & Wood Mallesons’ Finance & Capital Market Group

Only three days after the promulgation of the Circular on Improving Individual Bank Account Services and Strengthening Account Management (the “New Individual Bank Account Circular”), People’s Bank of China (PBOC) promulgated the Administrative Measures for Internet Payment Services of Non-banking Payment Institutions (the “New Non-banking Internet Payment Measures”) on December 28, 2015. The New Non-banking Internet Payment Measures also introduce three categories of payment accounts and likewise require that non-banking payment institutions impose classified management based on the real name system with respect to different categories of internet payment accounts.

Read full article, please click here.