China's central bank, the People's Bank of China, received the first application from a foreign payment company to enter the country's booming third-party payment industry on Wednesday.

 

本周三，中国人民银行收到某外国支付公司申请进入国内第三方支付产业的申请。

 

The international foreign exchange service provider WorldFirst submitted the application, the PBOC confirmed to China Daily.

 

It is the first application from a foreign third-party payment company since mid-April, when the central bank announced specific measures and a timetable to further open up the financial sector¹ to overseas investors².

 

On March 21, the central bank released a notice on its website clarifying regulatory standards and access conditions for foreign payment companies, which is expected to prepare and accelerate the opening up of China's third-party payment market.

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