Central bank confirms that pinduoduos unlicensed payment business is under rectification

category:Finance
 Central bank confirms that pinduoduos unlicensed payment business is under rectification


This is the second time that the peoples Bank of China confirmed the unlicensed operation after the pinduoduo case was reported in December 2018. According to the reply of the peoples Bank of China of Shanghai last year, since 2017, relevant departments have carried out investigation and evidence collection on pinduoduos main company, Shanghai Xunming company, and determined that the company has unlicensed operation of payment business, and has required it to make rectification.

Since December 2017, the peoples Bank of China has made clear the provisions on the two clear mode. In the notice on Further Strengthening the rectification of unlicensed operation and payment business, it pointed out that the violation of the regulations of providing payment and settlement services for unlicensed institutions by licensed institutions should be comprehensively inspected.

Deng Jiewen, a lawyer from Hunan Hongrui law firm, said that if the payment business license is not available, the fund account of the platform side in the bank lacks necessary supervision, and the third-party funds, such as merchants and consumers, can be used at will, resulting in great financial risks.

Source: responsible editor of cloud Hunting: Chen Hequn, nb12679