Nov 16, 2016 02:43 PM

E-Payment Clearinghouse to Go Live in March

Photo: Caixin
Photo: Caixin

(Beijing) — A new clearinghouse for online transactions is set to go live next spring, as part of China’s campaign for stronger oversight of a fast-growing sector that generated 24 trillion yuan ($3.5 trillion) in third-party payments last year.

The new platform is now being built and is set to launch at the end of March, Caixin has learned from various sources close to the matter. Upon completion, it will clear all online payment transactions using standard protocols and rules under the central bank’s supervision, the sources said.

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