On July 15, it was reported that the Payment and Settlement Department of the Central Bank had recently interviewed some third-party payment institutions to stop cooperating with irregular cross-border payment companies within six months. A person familiar with the matter confirmed the news to reporters. It is worth mentioning that the relevant cross-border business institutions have responded in recent days. For example, PingPong said that it had recently launched an upgrade plan for business models, and Gleebill said it would suspend payment services at Amazon stores in Europe and the United Kingdom. Analysts pointed out that the convening of the seminar meant the beginning of regulatory work on the clearing up and consolidation of cross-border payment business.
Su Xiaorui, a senior researcher at the sack research institute, said that the payment business itself belongs to the licensed business, and cross-border payment as a branch of the payment business, licensed operation is the basic requirement. The seminar reiterated that cross-border business licensing is a continuation of the previous registration of payment institutions, which means that the regulatory work of clearing up and rectifying cross-border payment business has begun.
It is worth mentioning that after the release of regulatory information, voices about PingPong, Gleebill, Payoneer and other companies that have not yet obtained domestic cross-border payment licences have emerged in endlessly.
Does business model upgrade mean business is called off? In response, on July 15, PingPong issued a solemn statement on its official website that the recent dissemination of false information on the Internet has led to serious misunderstanding of the cross-border payment industry among the public. To this end, the company stressed that since its establishment, the company's business in line with policies and regulations, there is no stop call.
PingPong customer service staff also told Beijing Business Daily that the upgrade is the central bank's requirement for the whole industry, in the upgrade process for daily accounting, cash withdrawal and other business has no impact. The customer service officer further pointed out that the company has an overseas payment licence and is applying for a domestic related licence, while the latest regulation is only a warning and does not explicitly mention the need to hold a domestic related licence.