PBoC proposes tough antitrust rules for payments giants

The People's Bank of China

The People’s Bank of China has proposed tougher anti-monopoly rules targeted at non-bank payments companies, giving authorities the power to break up large firms.

The move is the latest sign that China’s authorities are tightening the regulatory environment for companies like Ant Group’s Alipay and Tencent’s WeChat Pay. The PBoC published a draft regulation on January 20 to strengthen provision fund management and address anti-monopoly issues in the payments industry. The central bank says it

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