(Yicai Global) Nov. 23 -- China’s central bank, the People’s Bank of China (PBOC), has issued a timescale for the regulation of unlicensed payment businesses, which are expected to face punishment within the next six months, 21st Century Business Herald reported today.
PBOC issued relevant documentation regarding the further regulation of unlicensed payment firms and will focus on those institutions that have provided payment and settlement services to unlicensed agencies.
Unlicensed payment services include unlicensed core businesses related to bank cards, unlicensed online payments and unlicensed issuance and acceptance of prepaid cards.
Licensed institutions will begin self-investigation before the end of December this year to investigate qualifications and the disclosure of payment options of their partners. PBOC will inspect institutions before the end of February next year and organize on-the-spot supervision and examinations before the end of April and complete related punishment and conclusions work before the end of June.