UK’s WorldFirst to be first foreign firm in China’s payment services industry
June 19, 2018 Category China News Round-up, Weekly
UK payment services provider WorldFirst could get a license to operate in Shanghai imminently, a local official said, making it the first foreign company to be allowed into China’s payments business as the country pushes ahead with the opening of its financial sector. Zheng Yang, Director of the Shanghai Financial Services Office, said on the sidelines of the Lujiazui financial forum in Shanghai that the authorities had already asked WorldFirst to provide supporting documents for its earlier application.
WorldFirst said it is hopeful of a positive outcome from its application, but declined further comment. It had initially applied last month to the People’s Bank of China (PBOC), which oversees the payments industry. China has embarked on a major opening of its financial markets, including allowing foreign investors to take maximum 51% equity stakes in brokerages and life insurers. It is also pushing ahead with plans to allow access to the booming payment services industry. PBOC Governor Yi Gang reiterated Beijing’s ongoing support for Shanghai to act as a front runner for financial liberalization.
In addition to World First, the Shanghai government has also held talks with U.S. payment firm PayPal, which said it had already submitted an application for a local license.
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