Cross-border FX payment system expands

A pilot program for cross-border foreign exchange payments will be expanded to support the development of cross-border e-commerce and limit the risks associated with online payments involving foreign currencies, the State Administration of Foreign Exchange announced on Thursday.

The SAFE said it would allow qualified third-party payment institutions to join a pilot program to provide centralized receipt and payment services of foreign exchange and the associated buying and selling services.

The transactions must relate to online payments for cross-border e-commerce.