The People’s Bank of China has received an application from WorldFirst, an international payment firm, asking for permission to conduct third-party payment business in China, The Paper reported.

It means the first foreign-funded payment institution has taken its first step into the Chinese market.

According to an earlier announcement from the central bank, there are three conditions for a foreign-funded institution to apply for the business license.

First, foreign institutions must establish foreign-invested enterprises in China as the main body for the application.

Second, foreign-invested payment institutions must have a business system and a disaster recovery system that is safe, standardized and capable of independently completing payment transactions.

Third, personal and financial information collected and generated in China shall be stored within the country.