China should strengthen scrutiny of large payment firms, regulate platform companies’ payment business – deputy governor of PBOC
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China should strengthen scrutiny of large payment firms, regulate platform companies’ payment business – deputy governor of PBOC
STOCKS

China should strengthen scrutiny of large payment firms, regulate platform companies’ payment business – deputy governor of PBOC

 

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China should strengthen regulations on large-scale payment platform companies, promote standardized and healthy development of payment and fintech; regulate the payment business of platform companies, and accelerate the legislative process of regulations on non-bank payment institutions, Zhang Qingsong, newly appointed Deputy Governor of the People’s Bank of China (PBOC), said at a forum on Thursday.

China should strengthen payment clearing capability, step up coordination of payment infrastructure, further increase the efficiency of circulation, improve cross-border payment services and boost the yuan’s internatiionalization, said Zhang.

In 2021, China processed 439.5 billion non-cash payment transactions, involving a total of 441.6 billion yuan, representing 10.7 times and 3.4 times the level seen ten years earlier, according to Zhang.