China's central bank has move to defend draft rules that would force online payment processors to channel large payments through traditional bank accounts, a requirement that industry observers say will stifle innovation while protecting the interests of incumbent banks.
The People's Bank of China in mid-July laid out a broad regulatory framework for internet finance, which includes payments, wealth management, peer-to-peer lending, and crowdfunding, among other services.
Those guidelines sought to strike a balance between promoting innovation by upstarts seeking to compete with large, state-owned banks, while also imposing order on the chaotic world of internet finance, where hucksterism has thrived amid a lack of regulation.
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