China is marching on to be the world's pioneering cashless society but unfortunately there is an almost complete absence of foreign counterparts in the huge Chinese domestic or cross border transactions initiated from China.
China had decided to ease the restriction on foreign payment and settlement operators on 19 March 2018 but there is literally no qualified FIE that has been granted with a payment and settlement operator license. This note briefly updates the regulatory "state of play" in China and attempts to discuss from both regulatory and practical perspective certain operable alternatives, serving as an informative update of the same discussion we had had a few years back here.
To read the full article, please click here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.