Tenpay, the Internet payment subsidiary of Chinese technology firm Tencent, and American Express have reached an agreement to jointly provide Internet payment services to Tenpay's overseas users who purchase goods from American Express vendors.

Chinese social networking website Renren.com has announced that it will launch an interest-free housing scheme, and employees can apply for loans of between CNY200,000 and CNY400,000.

The People's Bank of China has published a report saying that it has issued licenses for non-financial institutions to operate payment businesses to 27 companies, including Alipay.com.

Rumors on the Internet revealed that the Chinese B2B e-commerce group Alibaba has set up a commercial bank subsidiary, which has gained the approvals of the People's Bank of China and China Banking Regulatory Commission.

The People's Bank of China's second generation Internet payment system, which is also know as the super online banking system, has been formally launched in Shenzhen, Tianjin, Beijing, and Guangzhou.

According to Ouyang Weimin, director of Payment System Department of the People's Bank of China, PBOC plans to issue licenses to Chinese online third-party payment platforms to bring more competition and a higher level of security into this industry.

According to Qiu Changheng, vice president of Alipay, China's first e-commerce credit system is expected to be launched by the end of 2009 and the system will fully cover small and medium-sized enterprises and individual users.

The People's Bank of China has published a notice that requires all non-financial organizations engaged in payment and settlement businesses in China, including Internet platforms such as Alipay, to fully register under the new guidelines before July 31, 2009.

The People's Bank of China and the Ministry of Public Security of China jointly held a press conference on their special action to fight crimes involving bank cards.

According to the information from Beijing Labor Service Management Center, the Beijing Municipal Finance Bureau, the Beijing Municipal Labor and Social Security Bureau, and the Business Management Department of People's Bank of China have jointly announced plans to enlarge the coverage of discount loans applied for by Beijing's unemployed to assist them in starting their [...]