China Opens Door to Foreign Payment Service Providers
July 19, 2013
By DAVID WANG, YI LU, SOPHIE HAN, & GEORGE CHEN
On July 6, 2013, the Chinese subsidiaries of two France-based multinational companies, Shanghai Sodexo and Edenred China, became the first foreign-invested entities (FIEs) to obtain third-party payment licenses (Payment Licenses) from the People’s Bank of China (PBOC). Both Shanghai Sodexo and Edenred China may now issue prepaid cards as two of the 250 applicants that received similar licenses since May 2011.