New regulations on online payment services could force leading Chinese internet companies including Tencent and Alibaba to restructure their shareholdings after Beijing said it would place restrictions on payment providers with foreign investors.

The People’s Bank of China issued regulations on Monday saying non-bank companies such as Alibaba, which operates the world’s largest online marketplace for trade between businesses and China’s largest retail e-commerce platform, would be allowed to provide third-party online payment services. The move establishes a legal basis for the first time for the country’s booming online business.

However, while the regulations allow third-party payment providers to apply for a licence with the central bank from September, the PBoC explicitly excluded companies with foreign capital from the new regulatory framework.