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 29-Mar-18, Independent.ie 

China will permit foreign companies to access its USD27 tn payments market, further opening up the world's second-largest economy. Foreign players can start applying for payment licences and will be treated the same as local firms, the People's Bank of China has said.

China to licence foreign firms in its saturated payments market (c) AP

Image: AP

Applicants must set up local units, establish payment infrastructure - including disaster recovery systems - and store client information domestically.

Any entrants to the Chinese market - apart from meeting stiff local regulations - will also have to compete with the more than 260 firms with payment licences including Ant Financial Services Group's Alipay and Tencent Holdings's WeChat Pay.

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 Financial Services insights 

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