Digitimes Research: China starts tightening up control on third-party payment service companies

The enactment of the administrative measures on non-financial institutions by the People's Bank of China (PBOC) in 2010 has since then resulted in a proliferation of more than 200 third-party payment service companies in China. However, a number of financial risk indexes in China have climbed along with the rapid expansion of the third-party payment market, according to Digitimes Times. To tight up its supervision and appraisal mechanism over the third-party payment service companies, as well as to put a break on the third-party payment market, the PBOC promulgated a set of administrative measures governing online payment by non-banking institutions in July 2016.

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