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China’s central bank mulls Alibaba, Tencent payment curbs: state media

18
Mar
2014

Chinas central bank is considering regulations that would significantly limit the use of third-party payment systems, including the payment arms of Alibaba Holding Group and Tencent Holdings Ltd. The Peoples Bank of China released draft rules last week to major banks for consultation, state media reported on Monday. They would also heavily limit spending by individuals using third-party payment platforms and transfers from bank accounts to accounts managed by third-party companies. We have reported our opinions to, and are in close communication with, the PBOC, said a spokesperson with Alipay, Alibabas payment platform. Given that the document is now under consultation, we are not able to comment further. Alibaba said on Sunday it had picked the United States for a long-awaited initial public offering, ending months of speculation about where it would float and dealing a blow to the Hong Kong stock exchange.

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