PBoC Requires All Online Transactions Clear Via New Platform

The People’s Bank of China (PBoC) requires all third-party payment institutions to channel transactions through a newly established central clearing platform called Nets Union Clearing Corp. (Wanglian); the trial operations started in April and will be put to formal use on July 1, 2018; by that time, all third-party payment firms (including Alipay and TenPay), will not be able to conduct transactions, such as bank transfers, outside of regulator’s supervision. Source