China details regulations on non
Time:2024-04-23 17:49:24 Source:politicsViews(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:Express files for Chapter 11 bankruptcy protection, announces store closures, possible sale
Next:The body of a kayaker has been recovered after he vanished last week in Indianapolis
You may also like
- Feature: 69 years on, the Bandung Spirit remains alive in the Global South
- World is not doing enough to protect coral reefs, UN envoy says
- Laos and Cambodia see rise in traffic deaths over New Years weekend — Radio Free Asia
- Participant, film studio behind 'Spotlight,’ shutters after 20 years
- Tensions between Beijing, Washington biggest worry for US companies in China
- The Sky added plenty of star power in the WNBA draft with Kamilla Cardoso and Angel Reese
- Blake Griffin retires after a high
- Browns QB Deshaun Watson throwing full speed after shoulder surgery, timetable for return unknown
- Sydney Sweeney 'apologizes' for 'having great t**s' during bikini