PBOC Approves Xingfutong Payment’s Merger of Dongfang Futong Payment

Consolidation in China's non-bank payment sector continues under the central bank's licensing review, with the surviving entity required to raise capital as a condition of absorbing the target. For merchants and partners tied to Dongfang Futong, the practical question is continuity — how accounts, contracts and settlement arrangements migrate before the licence is formally cancelled. Whether Beijing keeps pairing approvals with capital thresholds, effectively raising the bar for smaller payment players, is the signal to watch.