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
Elon Musk gets approval from FDA to implant his Neuralink brain chip into a second patient
Elon Musk’s Neuralink has been given a green light to implant its brain chip in a second patient aft2024-05-21As Japan's yakuza weakens, police focus shifts to unorganized crime hired via social media
TOKYO (AP) — A senior member of yakuza was arrested for allegedly stealing Pokemon cards near Tokyo2024-05-21- . A meandering array of illuminated lanterns is a millennium-old intangible cultural heritage item2024-05-21
China to revive outbound group travel to more countries
China on Friday unveiled a second list of 40 destinations to which travel agencies and online touris2024-05-21Ben Whishaw lights up the Croisette as he joins his co
Ben Whishaw was all smiles at the world premiere of Limonov: The Ballad at the 77th annual Cannes Fi2024-05-21East China's Jiangxi strives for high
East China's Jiangxi Province, an old revolutionary base in China, pledged more efforts to promo2024-05-21
atest comment