Moving to the Chinese electronic payment sector now. The People's Bank of China on Wednesday announced new rules for foreign firms that aim to provide electronic payment services in China.

China's central bank said that foreign firms will have to obtain licenses before engaging in the business, and that client data must be stored in China. The PBOC said that only foreign invested companies established in China is allowed to offer electronic payment services. Companies will also need a qualified processing system and comply with Chinese central bank's regulations concerning non-bank payment institutions.