?In order to boost the establishment of a new pattern of opening-up in the payment service market, with the approval of the State Council, in accordance with the Law of the People's Republic of China on the People's Bank of China and the Administrative Measures for the Payment Services Provided by Non-financial Institutions (order No. 2 [2010] of the People's Bank of China), matters concerning foreign-funded payment institutions are hereby announced as follows:
I . Where an overseas institution is to provide electronic payment services for domestic and cross-border transactions of an entity within the territory of the People's Republic of China, such overseas institution shall establish a foreign-funded enterprise within the territory of the People's Republic of China and obtain the payment business permit according to the requirements and procedures as prescribed in the Administrative Measures for the Payment Services Provided by Non-financial Institutions .
II . Foreign-funded payment institutions shall have a safe and standardized business system and a disaster recovery system that can independently complete payment business within the territory of the People's Republic of China.
III . The personal information and financial information collected and generated by foreign-funded payment institutions within the territory of the People's Republic of China shall be stored, processed, and analyzed within the territory of China. Where such information must be transmitted overseas for processing cross-border business, the transmission shall comply with the laws, administrative regulations, and provisions of the relevant regulatory departments, and the foreign-funded payment institutions shall require the overseas entities to perform the corresponding obligation of maintaining the information confidential and obtain the consent of the entities of such personal information.
IV . The corporate governance, daily operations, risk management, disposition of funds, deposit of excess reserves, and emergency arrangements of foreign-funded payment institutions shall comply with the supervision requirements of the People's Bank of China for non-banking payment institutions.
The People's Bank of China
March 19, 2018
