Prevention of risks to underpin regulations

Measures to create healthy payment services market, says PBOC official

The People's Bank of China, the central bank, will focus on steps to forestall and defuse risks as part of its ongoing efforts to forge a healthy payment services market in the country amid rising concerns over potential oligopoly and data security.

Fast expansion of some large institutions' payment services could lead to the formation of an oligopoly in the market and constrain development of small-sized business, which in turn could lead to personal privacy and data security risks and destroy fair completion, said Fan Shuangwen, deputy director of the payment and settlement department of the PBOC.