China has granted the first e-payment license to an international firm Beijing Chanjet among a string of licenses awarded recently, while international players like PayPal wait in the wings.
Recently, the central bank of China granted 250 licenses in five batches to various firms, but mainly to domestic companies.
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Beijing Chanjet operates as an e-payment firm which is 75% owned by foreign backed software developer Ufida, as reported by Seeking Alpha.
Providing a license to a majority-owned foreign backed company is being seen as a shift in stance of the People’s Bank of China, which had earlier only worked with firms that are wholly owned and operated within China.
Alibaba founder Jack Ma recently said that that Alipay had to be spun off from Alibaba, as its foreign status may dilute its chances of getting an e-payment license in the country.
Many other foreign payment companies, including PayPal and other electronic payment giants such as MasterCard and Visa are eagerly awating the next moves of China’s central bank to ease the regulation for foreign e-payments firms in the country.
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