China's central bank sets new rules to strengthen payment platform supervision, raising minimum capital for nonbank institutions to 100 million yuan.
China's central bank, the People's Bank of China, has released new rules to strengthen supervision of payment platforms, aiming to ensure a healthy and sustainable sector growth. The rules set a minimum registered capital for nonbank payment institutions at 100 million yuan, and emphasize equity structure management and qualifications of directors, supervisors, and senior execs. This will help curb disorderly capital expansion and prevent monopoly abuse while better serving the real economy.
July 27, 2024
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