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 03-May-18, Asia Times

The People’s Bank of China has received an application from WorldFirst, an international payment firm, asking for permission to conduct third-party payment business in China.

WorldFirst to enter Chinese payment market (c) iStock Asia Times

Image: iStock / Asia Times

It means the first foreign-funded payment institution has taken its first step into the Chinese market.

Foreign-funded institutions wanting to conduct payment business in China must be locally invested, able to complete transactions independently and must store user data within the country.

 Read the full article 

 Financial Services insights 

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