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Internet Finance: Segment-Specific Regulation Expected

Internet finance, which has been gaining momentum in China, met with regulatory tightening by the domestic financial authority this spring.

Just days after the conclusion of this year’s “two sessions,” during which there was much talk about supporting innovation in Internet banking, a draft document named Regulations on Payment Institutions’ Online Payment Business was unveiled March 17. The draft document, sent by the Payment & Clearing Association of China to third-party payment companies, aims to impose strict restrictions on the latter’s business development. Three days before the document was issued, the Payment and Settlement Department of the People’s Bank of China (PBC) published a notice, calling a temporary halt to AliPay and Tenpay’s quick response (QR) code payment and virtual credit card business.

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