Non-Bank Settlement Platform On-line | Alipay, Payment Organization, Non-Bank

Non-bank payment organization settlement platform is now on-line. First batch of users include 4 commercial banks, Alipay, Tenpay and ChinaBank. On this platform, 3rd party payment organizations can handle settlement without connection to a bank.

Payment Institutions to Submit Provisions | alipay, provisions, central bank

Jan 13th, People’s Bank of China released Notice on Centralized Porvisions Management of Payment Institutions, stipulating that from April 17th, payment institutions will be required to submitted a percentage of provisions to a specified account. This amount is expect to be around RMB500 billion.