China to open massive payments market to international companies

Ripple partners with LianLian to power payments into China
China is to blow open its huge digital payments industry to foreign entities that meet certain criteria, in a move that will set payments companies scrambling to obtain licenses.
A statement from the People’s Bank of China (PBOC) on Wednesday (March 21) said that those entering the market must set up local presence, have the requisite payment infrastructure, and host their client information domestically.
The statement reads: “Oversea…

Original Source