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)
DAILY MAIL COMMENT: Labour runs out of ammo on defence
William Contreras drives in 2 runs for Brewers in a 2
Türkiye ready to act as guarantor in resolving Gaza conflict: Erdogan
Taylor Swift's The Tortured Poets Department behind
Contreras has 3 hits as Brewers take advantage of sloppy inning by Pirates in 3
RMB retains 4th spot as currency for global payments: SWIFT
Sabrina Impacciatore and Domhnall Gleeson join The Office spinoff in first casting announcement
Chinese carmaker FAW Group reports robust sales in Q1
Southwest Airlines flight attendants ratify a contract that will raise pay about 33% over 4 years
Female prison officer reveals what it was like to work in a men's maximum security jail while seven
Paris Hilton excited to 'reclaim her narrative' by producing Toxic docuseries about 'pop
Senate passes reauthorization of key US surveillance program