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)
Orlando Magic guard Jalen Suggs helped off with left leg injury in Game 2 against Cavaliers
Shanghai company completes world's first delivery of 'air taxi'
Xi Calls on China, U.S. to Build Together Five Pillars for Bilateral Relations
U.S. veto pushes situation in Gaza into more dangerous one: spokesperson
More Chinese students experience unwarranted interrogation, harassment, deportation at U.S. border
Indian artist teaches painting in Tianjin
Harbin creates ice sculptures of Terracotta Warriors to cater for tourists
Takeaways from the opening statements in Trump's hush money trial
Xiplomacy: Cooperation a Shared Aspiration of Chinese, American People
Heavy rainstorms kill 4 people in southern China. Ten others are missing
Xi Arrives in San Francisco for Talks with Biden, APEC Meeting