Clearing a Path for Payment Providers

After five years of discussion, the People's Bank of China on June 21 unveiled new regulations for third-party payment service providers. But instead of being bathed in relief, the companies within the industry will be keeping a watchful eye on the central bank's interpretation of the rules, which take effect on September 1. In the absence of greater clarity, companies are now hoping that the overhanging vagueness of the measures will be pulled to their advantage.