Posts Tagged ‘People’s Bank of China’

China Post Invests CNY100 Million In Mobile Payment Services

China Post plans to invest CNY100 million to build an electronic payment platform for mobile phone and Internet payment services. The People’s Bank of China has already accepted a related application from China Post’s Chongqing operation and management department, so this is the first step in the organization’s nationwide service roll-out. The application reportedly shows […]


PBOC Halts Virtual Credit Cards And Mobile Payments In China

The People’s Bank of China has issued an emergency alert to stop the use of virtual credit card products as well as two-dimensional code payments that are often used with mobile devices. Chinese Internet companies like Alipay and Tencent previously launched such services. However, neither company has given any comment on the situation. The emergency […]


Bitcoin Futures Trading Suspects Arrested In China

Three men involved in an alleged swindle of Chinese speculators of the Bitcoin virtual currency have been detained in China. Local media report that the three men were involved in the GBL trading platform that allowed Bitcoin futures trading. The service ran for a few months and then closed abruptly on October 26, 2013. When […]


Bitcoin Value Steadies After Chinese Government Warning Drop

Five Chinese government units, including the People’s Bank of China, Ministry of Industry and Information Technology, China Banking Regulatory Commission, China Securities Regulatory Commission, and China Insurance Regulatory Commission, have jointly issued a notice about preventing risks against Bitcoin speculation. Though the warnings were not full condemnations of the cyptocurrency, sell prices on exchanges as […]


Heightened Chinese Inflation Pushes Renren.com To Offer Employee Loans

Chinese social networking website Renren.com has announced that it will launch an interest-free housing scheme, and employees can apply for loans of between CNY200,000 and CNY400,000. Chen Yizhou, chief executive officer of Renren.com, told local media that the rapid development of Renren.com is attributed to the efforts and commitment of employees. Renren.com will not only […]


Alibaba Plans To Open Physical Banks In China

Rumors on the Internet revealed that the Chinese B2B e-commerce group Alibaba has set up a commercial bank subsidiary, which has gained the approvals of the People’s Bank of China and China Banking Regulatory Commission. The new subsidiary is reportedly jointly invested by Alibaba Group, the people’s government of Zhejiang, Softbank, and CDH Investments. Jack […]


China To Issue Licenses To Domestic Online Payment Companies

According to Ouyang Weimin, director of Payment System Department of the People’s Bank of China, […]


PBOC To Regulate Payment, Settlement Businesses Of Internet Platforms In China

The People’s Bank of China has published a notice that requires all non-financial organizations engaged in payment and settlement businesses in China, including Internet platforms such as Alipay, to fully register under the new guidelines before July 31, 2009.
Though PBOC says the registration results will only be used as references of making relevant policies and […]


Bank Of China To Fight Illegal Internet Credit Card Activity

The People’s Bank of China and the Ministry of Public Security of China jointly held a press conference on their special action to fight crimes involving bank cards.


Unemployed In Beijing Can Apply For Loans When Opening Online Shops

According to the information from Beijing Labor Service Management Center, the Beijing Municipal Finance Bureau, the Beijing Municipal Labor and Social Security Bureau, and the Business Management Department of People’s Bank of China have jointly announced plans to enlarge the coverage of discount loans applied for by Beijing’s unemployed to assist them in starting their […]