Title:

Third-Party Payment Licensing

Description:

It would seem that the Central Bank of China has taken into account the importance of partnering with foreign entities as far as a company's ability to work through a China payment gateway is often vital for doing business both inside the country and outside of it. The Central Bank has seemingly accelerated the pace at which they are approving licenses for this purpose because it wants to grow and enhance the third-payment market. Although the regulations on third-party payment institutions have tightened, there is an effort to make sure that appropriate numbers of available companies are providing this service.