A pilot programme for cross-border foreign exchange payments will be
expanded to support the development of cross-border e-commerce and limit
the risks associated with online payments involving foreign currencies,
the State Administration of Foreign Exchange announced on Thursday.
The SAFE said it would allow qualified third-party payment institutions to join a pilot programme to provide centralized receipt and payment services of foreign exchange and the associated buying and selling services.The transactions must relate to online payments for cross-border e-commerce.
Previously, a transaction for a single shipment could not exceed the equivalent of US$10,000 (S$13,500). The limit for a single transaction related to overseas education, airline tickets and hotels was US$50,000 or the equivalent.
Read more at Click here / www.trade4x.net
The SAFE said it would allow qualified third-party payment institutions to join a pilot programme to provide centralized receipt and payment services of foreign exchange and the associated buying and selling services.The transactions must relate to online payments for cross-border e-commerce.
Previously, a transaction for a single shipment could not exceed the equivalent of US$10,000 (S$13,500). The limit for a single transaction related to overseas education, airline tickets and hotels was US$50,000 or the equivalent.
Read more at Click here / www.trade4x.net
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