On December 30, the official website of the central bank showed that the central bank issued a decision on the approval of the bank's approval [2023 No. 189 document, agreeing that Alipay (China) network technology*** was changed to no actual controller. This decision marks the further strengthening of China's supervision of the Internet payment industry, and also means that Alipay will conduct its business more independently and better serve the majority of users.
First of all, the PBOC agreed to change Alipay (China) to no actual controller, highlighting the change in China's regulatory thinking on the Internet payment industry. In the past, due to the particularity of the Internet payment industry, the regulation of the industry has been relatively strict. Now, the market has gradually liberalized the regulation of the industry, allowing the market to play a decisive role in the allocation of resources, thereby promoting the healthy development of the industry.
Secondly, as the largest third-party payment platform in China, Alipay's business scope has covered people's daily life. As people become more and more dependent on Internet payments, Alipay is also facing increasing pressure and challenges. The PBOC's agreement to change Alipay (China) to no actual controller will enable Alipay to conduct its business more independently and better respond to market changes and user needs.
In addition, the PBOC's agreement to change Alipay (China) to no actual controller will also have a far-reaching impact on the entire Internet payment industry. With the gradual liberalization of regulation, more Internet payment companies will enter the market, and the competition will become more intense. As a leading enterprise in the industry, Alipay's successful experience will also become an object for other enterprises to learn from.
In short, the central bank's agreement to change Alipay (China) to no actual controller is a change in China's regulatory thinking for the Internet payment industry, and it is also an important measure for Alipay to better serve users. We believe that in the future development, Alipay will continue to give full play to its advantages and provide users with more convenient and secure payment services. At the same time, we also look forward to the entire Internet payment industry to continue to grow in the competition and inject new vitality into China's economic development.