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)
Storm relief and funding for programs related to Maine's deadliest
Taylor Swift 'calls out Kadarius Toney' on The Tortured Poets Department song about Travis Kelce
A former Russian tycoon who once led separatist region launches a hunger strike in Azerbaijan jail
2 suspects detained in Poland for attack on a Navalny ally in Lithuania
Kepler has 3 RBIs in return from injured list; Twins beat White Sox 7
Beijing Half Marathon champion has medal taken away after other runners slowed down to let him win
Taylor Swift teases Fortnight's black
Angel Reese gushes over Caitlin Clark as she put rivalries aside at last week's WNBA Draft
3 Germans arrested on suspicion of spying for China, transferring info on potential military tech
2 suspects detained in Poland for attack on a Navalny ally in Lithuania