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Understanding China’s changing payments space

Nurdianah Md Nur | Sept. 9, 2015
Luke Grubb of Latham & Watkins Singapore tells us more about the China International Payment System and how China is dealing with Internet finance.

How should regulations keep up with the changing payment space?
Given the speed with which changes occur, it's important for legislation and legislators to give regulators the ability to react to new developments quickly. But regulators need to be sensitive to what both consumers and businesses are saying-to that end, it's important that they maintain a steady and regular dialogue with market participants, remain up-to-date on new developments, and remain focused on balancing consumer protection with encouraging innovation.

Regulation works best when it is developed in consultation with the people who have to operate under and be governed by these regulations day to day, and regulators are open to hearing their concerns and striking the right balance.

 

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