PBOC to tighten oversight on non-banking payment platforms

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China's central bank on Wednesday unveiled draft rules including anti-monopoly rules, for non-banking payment platforms, which could deal another blow to the country's fintech giants such as Ant Group’s Alipay and Tencent’s WeChat Pay.

Preventing financial risks in the payment sector is an important part of efforts to avoid systemic risks in the financial sector, the People's Bank of China (PBOC) said in a statement, stressing the necessity and urgency of subjecting payment providers to tougher scrutiny.

The PBOC will hold talks with institutions over their market dominance . . .

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