China begins to Open Payments Market to Foreign Companies

China’s central bank said they will open up the electronic payments market to foreign companies for the first time; international firms will be required to set up local units, establish infrastructure within China, and store client information within the country; China is one of the biggest and most competitive payments markets in the world; there are currently more than 260 companies with payments licenses and they processed more than $26tn in volume in 2017. Source.