China plans tougher antitrust rules for non-bank payments industry

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China's central bank has proposed stepping up antitrust measures for companies in the non-bank payments industry, such as Ant Group's Alipay and Tencent's WeChat Pay.

BEIJING - China’s central bank has proposed stepping up antitrust measures for companies in the non-bank payments industry, such as Ant Group’s Alipay and Tencent’s WeChat Pay.Under draft rules proposed on Wednesday, the People’s Bank of China can advise the state council’s antitrust committee to stop companies abusing their dominant position or even break up a non-bank institution if it “severely hinders the healthy development of the payment service market”.

This heightened scrutiny led to the dramatic collapse of fintech giant Ant’s $37 billion IPO in November. It will also identify institutions as having a monopoly once a single player garners more than half of the market in nationwide electronic payments, which also includes online and mobile banking payments.

 

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