China to curb online payment in fresh blow to Internet finance

Shanghai

CHINA plans to tighten regulations governing the nation's 270 online-payment firms including Alibaba Group Holding Ltd's finance arm, dealing another blow to the booming business of Internet finance.

Under draft rules published on July 31, the central bank will limit the amount an individual can pay online to 5,000 yuan (S$1,108) per day through third-party payment accounts, unless the customer's identity can be verified by a security token and electronic signature. The People's Bank of China (PBOC) is seeking public feedback by Aug 28.