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China opens payments market to foreign players

China is allowing foreign investors to access its payments market as part of efforts to further open up the financial sector, Bloomberg News reported March 21.

The People's Bank of China has asked foreign investors to start applying for payment licenses, saying foreign players will be treated same as local firms. New entrants to the country's payments market will be required to meet tough local regulations.

The central bank said foreign companies must incorporate local units and establish payment infrastructure. The move will create a fair environment for competition and help improve the services of payment providers, the central bank added.