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
'Constantly learning' Imanaga off to impressive start with the Chicago Cubs
CHICAGO (AP) — The road for Shota Imanaga from Japan to the major leagues included at least one shar2024-05-21NFL draft sees trend of fewer early entrants since NIL policy change
The lure of starting a pro career early apparently isn’t quite as tempting for underclassmen now as2024-05-21Biden endorses House aid package for Israel, Ukraine
WASHINGTON (AP) — President Joe Biden said Wednesday that he strongly supports a proposal from Repub2024-05-21Coffee in North Korea: It’s not just for capitalists anymore — Radio Free Asia
Though coffee has long been derided as a symbol of imperialist capitalism, privileged North Koreans2024-05-21Iran helicopter crash that killed President Raisi could reverberate across the Middle East
JERUSALEM (AP) — The helicopter crash in which Iranian President Ebrahim Raisi, the country’s foreig2024-05-21David and Victoria Beckham braced for release of latest tell
The Beckhams are reportedly bracing themselves for the release of a book that threatens to put their2024-05-21
atest comment