SmartTrans Holdings Responds to New Finance Regulations in China
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10/08/2015 11:23AM
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SmartTrans Holdings responded to recent media reports about plans by the central bank in China to tighten regulations around online finance and payments: The proposal to limit the amount an individual may pay online without identity verification to CNY5000 will not affect the Company, as the majority of payments processed through its SmartPay platform in China are for small amounts, typically CNY5.00-CNY10.00. The Company points out that the reported purpose of these new regulations is primarily to impose stricter rules on the providers of online finance, an area in which SmartTrans is not engaged. If the Company customers or third party billing partners have the need to process payments over the proposed limit of CNY5000, the Company already has a banking facility in place with UnionPay which complies with the new rules and which could facilitate this.
YAY !! Thanks SMA for the clarity on this matter .
SMA Price at posting:
3.0¢ Sentiment: Buy Disclosure: Held
