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
Dunkin' Donuts employee reveals the biggest pet peeves she has against drive
A Dunkin Donuts employee has revealed the biggest pet peeves she has against drive-thru customers.Ke2024-05-07Mumps alert for travellers from India and Singapore
File photo. Photo: 123RF2024-05-07'Major logistics exercise' to deliver humanitarian aid from NZ to Gaza
The camp is sheltering about 2000 people, predominantly women and children. Photo: FIANZ / Supplied2024-05-07Ministry of Ethnic Communities, set up to 'heal wounds' of 15 March, faces job cuts
Minister for Ethnic Communities Melissa Lee. (File photo.) Photo: RNZ / Angus Dreaver2024-05-07Terrifying moment truck goes off
This is the terrifying moment a semi-truck plowed into spectators at an illegal street race in Mexic2024-05-07Chinese company says coronavirus vaccine ready by early 2021
Your web browser is no longer supported. To improve your experience update it here2024-05-07
atest comment