Categories
Finance Fintech

China’s Peak Payments Body Outlines 8 Targeted Forms of Illegal Conduct in 2020

The Payment & Clearing Association of China (PCAC) issued its “2020 Payments and Settlement Illegal and Illicit Conduct Key Reporting Items” (2020年支付结算违法违规行为重点举报事项的公告) on 9 March.

Categories
Finance Fintech

PayPal’s China Entry Expected to Shake up Mobile Payments Market

The entry of payments giant PayPal into the Chinese market is expected to further winnow out smaller players in the sector.

Categories
Banking Finance Fintech

Payment & Clearing Association of China Launches Data Reporting and Sharing System for Members

The Payment & Clearing Association of China (PCAC) has announced the official launch of a new system for collecting data on the operations of its member institutions.

Categories
Banking Finance Fintech

Chinese Mobile Payments Surge 61.19% YoY in 2018: PBOC Report

A new report from the Chinese central bank on the domestic payments sector points to surging growth in mobile payments in 2018.

Categories
Banking Fintech

Reserve Funds of Third Party Payments Providers Drop Following Centralised Management by PBOC

The reserve funds of China’s third party payments provider have seen a sharp decline after coming under centralised management by the People’s Bank of China (PBOC).

Categories
Banking Finance

Chinese Central Bank Hits 10 Payments Companies with 1.02M Yuan in Fines

The People’s Bank of China (PBOC) is keeping up the pressure on the Chinese payments sector with the issuance of fines worth more than a million yuan to ten Shanghai-based payments companies.

Categories
Banking Finance Fintech

Regulation of Chinese Payments on Track to Intensify: PBOC Vice-governor Fan Yifei

A senior official from the Chinese central bank has flagged the normalisation of stricter regulation of the payments sector in future.

Categories
Finance

Nine Chinese Payments Providers Summoned to Discuss Regulatory Breaches and Risk Issues

The Payment & Clearing Association of China (PCAC) has summoned nine of the country’s payments companies to discuss potential regulatory breaches and risk issues.

Categories
Finance

Chinese Central Bank Continues to Hit Payments Sector with Hefty Fines

The People’s Bank of China (PBOC) is keeping up the pressure on the country’s payments sector with the issuance of a hefty fine to Shanghai-based Sandpay.

Categories
Finance Fintech

Alipay Teams up with UnionPay as Beijing Cuts Ties Between Payments Sector and Banks

The world’s largest mobile payments platform and the world’s largest card payment organisation have entered a new cooperative partnership.