China details regulations on non
BEIJING, April 22 (Xinhua) -- The People's Bank of China on Monday began to solicit public opinion on the detailed rules regulating the non-bank payment institutions, as a part of efforts to enhance their supervision and management.
The document aims to detail the regulations for the supervision and administration of non-bank payment institutions, which were issued by the State Council last December.
The document offers further clarification on key concepts, such as major shareholders and actual controllers, as outlined in the regulations, and details administrative licensing procedures for the non-bank payment institutions.
Through the move, the central bank hopes to bolster transparency and openness in the administrative process and foster greater efficiency in payment institutions so as to create a law-based business environment.
In protecting the legal rights and interests of payment users, it specifies requirements regarding the retention period of user data and transaction records, as well as adjustments to fees.
In recent years, China has witnessed remarkable growth in its non-bank payment industry. Data shows that over 1 trillion transactions are made in the country via non-bank payment institutions annually, with a total value at approximately 400 trillion yuan (about 56.3 trillion U.S. dollars).
(Editor:Fu Bo)
Related articles
My fiancé died on the morning of our wedding day
A woman has opened up about her trauma after finding out her late boyfriend, who died on the morning2024-05-21VOX POPULI: Shizuoka head’s sudden exit leaves question about his ‘talent’
My image of the prototypical Japanese military officers who were born during the Meiji Era (1868-1912024-05-21Simon Harris elected as Ireland's new prime minister
A handout photograph taken on, and released by Ireland's Houses of the Oireachtas on 9 April 2024 sh2024-05-21China balloon: US military recovers sensors from wreckage
Your web browser is no longer supported. To improve your experience update it here2024-05-21- Mark Wahlberg's latest film will be flying into theaters this fall, with Lionsgate setting an Octobe2024-05-21
VOX POPULI: Professionalism will be the key to successful ride
“How did you get here? I heard all the roads to Gwangju are blocked,” a local reporter asks a German2024-05-21
atest comment