BEIJING, March. 9 (Xinhua) -- China has started licensing cross-border payment business after seven years of trial, reported the Xinhua-run Shanghai Securities News on Monday.
Three institutions piloting cross-border payment services said that they have recently obtained licenses from the regulatory authority to launch cross-border payment business, according to the report.
The licensing marks that cross-border payment services in China has entered the era of strict supervision, said the report.
Compared with previous trials, the formal license clarifies issues like the scope of business execution and the need to re-examine in 5 years.
With the rapid expansion of the cross-border e-commerce consumer market, unlicensed payment companies collecting payments for firms engaging cross-border export commerce business have mushroomed in China. The cross-border e-commerce consumer market has also become a key area eyed by multiple payment institutions in China. (Edited by Gu Shanshan, gushanshan.1987@163.com)
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