PBOC Drafts New Payment Service Rules for Public Review

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A quick review of People’s Bank of China’s latest draft rules for the new regulation on on-banking payment services. By丨 Kent WOO, Peter LI On April 22, 2024, the People’s Bank of China ( “PBOC” ) published on its website the draft version of the Implementation Rules for the Regulation on Supervision and Administration of Non-bank Payment Institutions (《非银行支付机构监督管理条例实施细则征求意见稿》) ( “Draft Rules” ) to solicit public comments. The Draft Rules is the first implementation rules for the Regulation on Supervision and Administration of Non-bank Payment Institutions (《非银行支付机构监督管理条例》) ( “New Regulation” ) which came into effect on May 1, 2024. This article aims to provide an overview of the key changes introduced by the Draft Rules.  1. Business Types According to the New Regulation, China-based payment services providers ( “PSPs” ) and all foreign PSPs that provide cross-border payment ser ………………………………