PBOC Named Chair of Asia-Pacific Payments Infrastructure Group
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A coalition of central banks in the Asia-Pacific region has appointed the People’s Bank of China (PBOC) as the new chair of its Working Group on Payments and Market Infrastructures (WGPMI) for a two-year tenure, according to a Friday PBOC announcement.
The decision was made by the Executives’ Meeting of East Asia and Pacific Central Banks (EMEAP) at a meeting held earlier this month in Penang, Malaysia. The organization also appointed the Reserve Bank of Australia and the Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, as vice chairs of the working group.
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- The People’s Bank of China (PBOC) is appointed as the chair of the Working Group on Payments and Market Infrastructures (WGPMI) by the Executives’ Meeting of East Asia and Pacific Central Banks (EMEAP).
- The Reserve Bank of Australia and Hong Kong Monetary Authority (HKMA) were appointed as vice chairs.
- PBOC has been enhancing mobile payment regulations and advancing cross-border payment systems, working on projects like multiple-CBDC to address cost, efficiency, and transparency challenges.
- Alipay
- Alipay is a dominant mobile payment platform in China, along with WeChat Pay. The rapid rise of mobile payments in the country has led the People’s Bank of China (PBOC) to increase regulatory oversight. Alipay plays a significant role in this trend, contributing to the market's development and necessitating regulations to ensure healthy sector growth.
- WeChat Pay
- WeChat Pay is a prominent mobile payment service in China, operated by Tencent. It, along with Alipay, dominates the mobile payment market in the country. The rapid proliferation of mobile payments has prompted the People’s Bank of China (PBOC) to enhance regulatory measures to ensure healthy development and address any potential issues in the sector.
- 2021：
- The PBOC joined the HKMA and its Thai counterpart for a multiple-CBDC project.
- July 2024：
- The Executives’ Meeting of East Asia and Pacific Central Banks (EMEAP) decided to appoint the PBOC as the new chair of WGPMI at a meeting held in Penang, Malaysia.
- July 29, 2024：
- PBOC announced its appointment as the new chair of WGPMI for a two-year tenure.
- July 29, 2024：
- PBOC announced that this is the second time it has chaired the WGPMI, with the first chairmanship spanning from 2010 through 2014.
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