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
Missouri's GOP lawmakers vote to kick Planned Parenthood off Medicaid
JEFFERSON CITY, Mo. (AP) — Missouri’s Republican-led Legislature on Wednesday passed a bill to ban M2024-04-25Xi Calls for Breaking New Ground in China's High
Contact Us HomeNewsHighlightACWF NewsSocietyWom2024-04-25Snowfall in Beijing causes flight, train delays and personal injury
(ECNS) -- Affected by the first snow this winter, 465 flights were canceled at the Beijing Capital I2024-04-25Press conference for 2020 Chinese National Athletics Championships held in Shaoxing, Zhejiang
Photo taken on Sept. 13, 2020 shows a press conference for the 2020 Chinese National Athletics Champ2024-04-25Married couple are charged with fraud after 'dine
A married couple have been charged with fraud after suspected 'dine-and-dashers' were caught on CCTV2024-04-25Xi Leads Way in Combating Beijing, Hebei Floods
Contact Us HomeNewsHighlightACWF NewsSocietyWom2024-04-25
atest comment