Alipay is among a number of Chinese companies that have been granted a license to operate a payments business by the People’s Bank of China, according to an announcement made public today by the PBOC.

Alipay issued the following statement: The granting of the “Payment Business License” to Alipay, as one of China’s first non-financial institutions authorized to conduct payments business, is a significant milestone for the company. “We are pleased that the People’s Bank of China has given clarity to the regulatory framework of the payments industry,” said Lucy Peng, Chief Executive Officer of Alipay. “We will continue to serve our customers by focusing on product innovation, technology capability, and security, while ensuring full compliance with regulatory requirements.”