The People’s Bank of China (PBOC) said yesterday that China will open itself up to foreign third-party electronic payment firms, Reuters reports, hoping to increase competition in the industry currently dominated by Chinese services such as WeChat and Alipay.
There will be a number of requirements for foreign firms to meet before operating in China, the PBOC said in a statement on its website. Foreign companies will have to set up a local business so as to apply for a payment services license, and financial information including client data must be stored in China.