Alipay Expects E-Payment License Soon
DoNews, 9/14/09
Polo Shao, president of Alipay, has said the company expects to receive a third-party online payment license soon, adding that the chances are slim Alipay's application would be rejected.
Shao said that the People's Bank of China completed registration of all Chinese third-party payment providers in July, signaling that that central bank is soon likely to release new regulation concerning the online payment industry. Shao said he is confident that Alipay will be among the first batch of providers to receive licenses. Shao dismissed allegations that Alipay would be denied a license due to parent company Alibaba's foreign funding, explaining that "the state will be issuing a license to Alipay, not to Alibaba Group."
Editor's Note: For more information on this topic, please see "Rumor: Central Bank to Issue 10 Third-Party Payment Licenses" MD 12/12/08 issue.
Keywords: Polo Shao Internet license regulation Alipay e-payment Alibaba People's Bank of China third-party payment online payment
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