China to toughen supervision of non-bank payment institutions | Business | China Daily
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China to toughen supervision of non-bank payment institutions By Xinhua Thursday, January 21, 2021, 11:06 By Xinhua This Sept 28, 2018 photo shows the headquarters of the People’s Bank of China (PBOC) in Beijing. PHOTO / VCG) BEIJING – China’s central bank has released a draft for comments on regulations aimed at strengthening anti-monopoly supervision of payment services by non-bank institutions. A draft issued by the PBOC clearly defines the scope of the relevant market and the criteria for determining market dominance, in a bid to maintain the fair order of market competition The draft clearly defines the scope of the relevant market and the criteria for determining market dominance, in a bid to maintain the fair order of market competition. If a non-bank payment institution meets certain conditions in terms of market share, the People’s Bank of China (PBOC) can provide early warning of a range of measures, including regulatory interviews, according to the draft. […] According to the draft, payment institutions are required to deposit their reserves in the PBOC or qualified commercial banks and specify the corresponding prudent oversight measures to protect the users’ rights and interests.
