PBC Licenses Foreign Payment Firms
2013-September-9 Source: Newsgd.com
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In July, People’s Bank of China permitted 27 non-financial organizations to conduct third-party payment business in China. Edenred China Service Ltd. and Shanghai Sodexo Pass Service Ltd., two subsidiaries of French multinationals were granted with the licenses.

Third party payment license covers internet payment, mobile payment, prepaid payment and other service. Edenred China and Shanghai Sodexo were given the green light to provide services related to the issuance and acceptance of prepaid cards. It is remarked that PBC paves the way for more foreign competition in the local payment market. Back to the unregulated period, PBC was very conservative, and as the market grows and supervision tightens, PBC is confident of letting more foreign firms to compete, and foreign firms may face fewer hurdles in getting the license in future.

(This information is provided by Lawyer Kelly Xie from Guangdong KaiTong Law Firm in friendship. It is not any legal opinion or legal grounds addressed to any organization or individual. For inquiry, please contact Kelly via email at Kelly_xie@ktlf.com.cn or by phone on 13926185641.)

Editor: Kate
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