Top
image credit: Pixabay

Chinese regulator opens market access for foreign banks

January 6, 2020

Category:

Following a period surveying the industry, the regulator has published new measures which cancel the total asset requirement for foreign banks aiming to set up in China.

It will also relax limits on shareholders of joint ventures in the country.

Foreign banks will now be able to open both branches and wholly owned banks in the country.

The aim of these changes is to promote decentralisation and simplify administration, the agency writes on its website, as well as optimise the business environment in China.

In line with these changes are a series of tightened requirements around equity management, anti-terrorist financing and anti-money laundering (AML).

Read More on Banking Technology