China details regulations on non
Time:2024-04-25 23:15:50 Source:sportViews(143)
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)
Previous:Arizona lands Oakland star forward Trey Townsend out of transfer portal
Next:Wisconsin prison inmate pleads not guilty to killing cellmate
You may also like
- Biden signs a $95 billion war aid measure with assistance for Ukraine, Israel and Taiwan
- China breathes digital life into historical heritage like Great Wall
- Feature: Skiing fervor spices up life in NW China
- Ethnic village thrives on tourism
- UN calls for probe into mass graves at Shifa and Nasser hospitals in Gaza
- Xinjiang aquatic products ascend to world's dinner table
- Chess Preview: China's world champion Ding seeking first Asian Games gold
- Germany's Scholz calls for fair competition and warns against dumping during China visit
- China reports general public budget spending near 7 tln yuan in Q1