Non-Bank Payment Institutions
Premier Li Qiang has signed a decree of the State Council to unveil rules on the supervision and administration of non-bank payment institutions, which will take effect on May 1, 2024.
The rules are meant to promote the law-based supervision and administration of these institutions and their business operations, facilitate the sound and healthy development of the sector, protect customers’ legal rights and interests, and help the institutions better serve the real economy and meet the need of customers for diversified payment methods.
The new rules clarify the definition of non-bank payment institutions and their establishment requirements and improved
