Central Banking

PBoC to regulate non-bank payments providers

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The People's Bank of China (PBoC) unveiled new rules on Monday that will bring non-bank payments services providers under its scrutiny.

The overhaul will give the central bank oversight of a vast network of payments services providers, such as online payment companies, which it does not regulate at present.

Under the new rules, which will take effect on 1 September, third party payment agencies must obtain a license to operate from the central bank. Payments providers who take deposits from cust

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