19-Apr-18, Norton Rose Fulbright
The People’s Bank of China's Announcement No.7 of 2018 in Mar-18 allows qualified foreign-invested enterprises to apply for payment business licences under the existing legal regime applicable to domestically-owned entities.
%20TMT%20Post.png "Foreign investors now welcome to enter Chinas payment market (c) TMT Post")
Image: TMTPost
This is viewed as a significant step towards opening up the payment industry to foreign investors, who were not permitted to enter prior to this Announcement.
An FIE can now apply for a Payment Licence from the PBOC and once it has been obtained, it will be treated the same as local firms such as Union Pay and Alibaba’s Alipay. This means it will be able to conduct online payment, issuance and acceptance of pre-paid cards, and bill collection via bankcards.