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Tough regulation VS opening up to foreign agency -- third-party payment market reshuffle underway

August 03, 2018

Abstract : The People's Bank of China (PBC) imposed fines on two third-party payment companies on July 30. One of the two violators, Kayou Payment Services Co., Ltd. (Kayou Payment), was fined 24.9 million yuan, 27 times of its illegal gains.

BEIJING -- The People's Bank of China (PBC) imposed fines on two third-party payment companies on July 30. One of the two violators, Kayou Payment Services Co., Ltd. (Kayou Payment), was fined 24.9 million yuan, 27 times of its illegal gains.

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