On June 14th, the People's Bank of China's website updated its page on "Major Changes in Non-Banking Payment Institutions' Licenses". Wuhan Hezhong Yibao Technology Co., Ltd. changed its company name to "Douyin Payment Technology Co., Ltd." In addition to Douyin Payment, four other payment companies were approved to add the suffix "payment" to their names, and two payment companies were approved to merge.
After officially announcing the acquisition of Unified Commerce, Douyin Pay has filled the gap in bank card acquiring business licenses. There is another news about Douyin Pay.
On June 14th, the Chinese central bank's website updated the information on major changes in licenses for non-bank payment institutions. Wuhan Hezhong Yibao Technology Co., Ltd. changed its name to Douyin Payment Technology Co., Ltd.
In addition to Douyin Pay, four other payments companies have been approved to change their names, adding the word "payment" as a suffix. There are also two payments companies approved for merger. This is the second time after 31 payment institutions renamed together half a month ago, and the People's Bank of China recently announced the payment institution name change list again.
Four other companies have been approved to change their names, adding the word "payment" as a suffix.
According to the administrative license information of People's Bank of China tonight, China UnionPay Merchant Services Co., Ltd. changed its name to UnionPay Business Payment Co., Ltd.; Zhejiang Aerospace Electronic Information Industry Co., Ltd. changed its name to Zhejiang Xinhang Payment Co., Ltd.; Sichuan Shangtong Industry Co., Ltd. changed its name to Sichuan Shangtong Payment Technology Co., Ltd.; Tianjin City Yikatong Co., Ltd. changed its name to Tianjin City Yikatong Payment Co., Ltd.
So far, 36 payment institutions have been approved to rename, adding the word "payment" to their names. There are still many payment companies such as Xunfu Information Technology Co., Ltd., Tianyi Electronic Commerce Co., Ltd., and Ruixiang Business Service Co., Ltd. whose company names do not yet contain the word "payment". However, a reporter from Cailian Press found that payment institutions approved for renaming have not yet completed the formal business registration change.
On May 1st of this year, the "Regulations on the Supervision and Administration of Non-bank Payment Institutions" came into effect. Article 6 of the regulations stipulates that the name of a non-bank payment institution should indicate the word "payment". In addition, on April 22nd, the People’s Bank of China issued a draft for soliciting opinions on supporting implementation rules, clearly stating the transition period for non-bank payment institutions from the implementation of the rules to the expiration of their payment business licenses, which shall be no less than 12 months and shall be calculated as 12 months if the transition period is less than 12 months.
The second payment institution merger was approved.
Some institutions were approved to rename, and some were approved for license merger according to the "Regulations". Licensing mergers are also advancing rapidly according to the "Regulations".
The People's Bank of China's official website shows that the People's Bank of China has approved the merger of Beijing Lefangtong Payment Technology Co., Ltd. and Beijing Digital Wangfujing Technology Co., Ltd. After the merger, Beijing Lefangtong Payment Technology Co., Ltd. added bank card acquiring (Beijing) and prepaid card acceptance (Beijing) to its payment business license types. Beijing Digital Wangfujing Technology Co., Ltd. terminated its payment business and cancelled its payment business license.
Two weeks ago, Ping An Fu Electronics Payment Co., Ltd. ("Ping An Fu Electronics") merged with Ping An Fu Technology Service Co., Ltd. ("Ping An Fu Technology"). After the merger, the registered capital of Ping An Fu Electronics increased to 1.16958 billion yuan, and the payment business license type was increased to include prepaid card issuance and acceptance nationwide. Correspondingly, Ping An Fu Technology ceased its payment business and cancelled its payment business license.
At that time, a person in charge of Ping An Yi Qianbao responded to Cailian Press that Ping An Fu Electronics and Ping An Fu Technology will strictly follow the regulatory requirements and conform to the principle of returning to the origin of payment institutions and serving the development of the real economy, and lawfully and compliantly carry out the merger of Ping An Fu Electronics and Ping An Fu Technology.
A knowledgeable source interviewed by a reporter from Cailian Press said that such license mergers are governed by the "Regulations". According to relevant regulations, the same shareholder may not directly or indirectly hold shares or voting rights of two or more non-bank payment institutions with the same business type above 10%. The same actual controller may not control two or more non-bank payment institutions of the same business type (except as otherwise provided by the state).
