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Key benefits of obtaining a PSO License in China:
According to local Chinese laws, payment services may be provided by non-banks. For this, the TPPs and PSOs must obtain a payment service license in China (PSO license or, a so-called payment institution license) from the NBC.
In 2018, the NBC published a Notice (No. 7 of 2018), according to which the FIEs can apply for obtaining a payment license in China, in accordance with the legal regime applicable to domestic enterprises.
Further, we will consider the basic requirements for companies applying for obtaining a payment institution license in China, and also consider some other nuances related to the issue.
After obtaining of license for payment services in China, the applicant company (FIE) can conduct its activities like any local company. This means that the company gets the right to provide the following 3 types of payment services:
In order to apply for obtaining a payment license, the applicant can send the necessary documents to the local branch (at the place of company registration) of the NBC. When the application will be preliminarily reviewed by the local office, it is redirecting to the NSC head office for approval.
The issued PI license is valid in China for 5 years. After the expiration date, it can be re-issued for another 5 years in accordance with NBC's preliminary approval.
In order to obtain a license for the payment system in China, the applicant must be an LLC or a JSC, which are non-financial institutions.
Since, the applicant must comply with the established legal regime, the following requirements are imposed on him:
It is worth noting that in order to obtain a payment system license in China, the company and its management must have an impeccable reputation. Moreover, persons holding 10% or more in a company should also be an LLC or JSC and have an impeccable reputation.
Please, take into account that this article has been prepared and published for informational purposes, and should not be construed as legal advice, recommendations, or instructions for specific actions.
Since, the obtaining a PI license in China is a rather complicated procedure, it is advisable to find out reliable legal support before preparing an application.
If you need to resolve the issue related to the ordering of a Chinese PSP license, we draw your attention to the fact that IQD Consulting UK experts provide their clients with comprehensive legal advices on licensing of payment institutions in China.
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