Alipay said to apply for non-bank payment transaction license

15:46, June 22, 2010      

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Alipay, a subsidiary of Alibaba Group, has fully met application requirements of the central bank's new regulations on non-bank third-party payment business and will apply for a license to conduct non-bank transactions, said Jack Ma, chairman and CEO of Alibaba Group, in his blog on June 21.

The People's Bank of China (PBOC) on Monday said that non-bank payment service providers would need a license to conduct third-party payment transactions.

Under the new rules, the companies will have to report the commission rates it charges for third-party transactions to the central bank. Non-bank payment service providers will need to have a registered capital of at least 100 million yuan for a nationwide business license and must have been making profits for two successive years, according to the central bank.

Providers of third-party payment services are required to have no records of punishment for committing illegal activities or providing services to criminals in recent three years.

Ma said that Alipay can totally fulfill the requirements.

"The company has been profitable in the past two years and has no punishment records in the last three years," he said.

"The release of the new regulatory rules will provide active monitoring and regulation on the third-party payment transaction providers and will help to curb their illegal activities," said an insider from Alipay's PR department.

Alipay, founded by the Alibaba Group, is China's largest third-party payment services provider. It announced on March 14 that it had over 300 million users.

By People's Daily Online

(Editor:黄硕)

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