The breaches involved failures to verify the identities of users and merchants transacting on WeChat Pay, as well as the source of funds for those transactions.
March 16, 2022Rules issued last October were about to take effect that would have prohibited merchants from using personal QR codes to receive payments from 1 March.
February 28, 2022Observers say China's “zero Covid policy” has limited its ability to showcase the e-CNY to a wider population.
February 9, 2022Tenpay failed to submit relevant materials and handle foreign exchange sales services in accordance with regulations.
December 1, 2021The move comes after regulators ordered internet platforms to stop anti-competitive and monopolistic behaviour on their online platforms.
October 1, 2021Nonbank payment firms must report new products and services, stock market listings, capital increases and other activities classified as 'significant matters'.
September 3, 2021Like Ant Group, Tencent will have to submit a reorganisation plan to regulators specifying which businesses the new financial holding company will absorb.
May 27, 2021The PBOC suggests CBDC systems of different jurisdictions should be interoperable for monitoring and information sharing.
April 1, 2021The rules prohibit platform operators from abusing their market dominant positions through behaviour designed to reduce or restrict competition.
February 10, 2021If the PBOC identifies a non-bank payment institution as a monopoly, it can advise the State Council's antitrust committee to take action to break up the firm.
January 22, 2021