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China Strengthens Non-Bank Payment Firm Regulation

CHINA PRESS

China will implement stronger regulation that targets the management of the non-banking payment industry to promote standardised and healthy development, according to the State Council. The document, signed by Premier Li Qiang, clarified the definition and permissions of non-bank payment firms and strengthened customer protection against misuse of personal information or unspecified fees. Amongst other regulations, authorities will establish effective due diligence, strengthen risk management and stipulate legal liability. The State Council also said it would stop disguised forms of non-bank payments. (Source: 21st Century Business Herald)

MNI Beijing Bureau | lewis.porylo@marketnews.com
MNI Beijing Bureau | lewis.porylo@marketnews.com

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