The Bank for International Settlements has appointed Fernando Restoy as chair of its Financial Stability Institute. Restoy is currently deputy governor of the Bank of Spain, where he has worked since 1991. He will move to the FSI next January. The FSI "assists central bankers and financial sector regulators around the world in fostering financial stability." In an interview with the Financial Times, Eric Jing, the president of Ant Financial Services Group has lauded the benefits of market competition in China's payments sector. Ant Financial, through Alipay, its online payments unit, is challenging the state-backed China Unionpay, the dominant player in Chinese debit and credit card payments. Alipay bypasses Unionpay's network when processing mobile payments to "offline merchants" such as supermarkets, restaurants, and taxis, "effectively diverting billions in fees away from Unionpay", the FT reports.