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.
%20iStock_Asia%20Times.jpg "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.