China’s Central Bank introduces Certification System for Fintech
Thursday, 10 31 2019, Category: Technology, Country: China
China’s central bank, the People’s Bank of China (PBoC), will use a new system to certify 11 types of fintech hardware and software products relating to digital payments.
On Oct. 29, the PBoC alongside China’s market regulator, the State Administration for Market Regulation (SAMR), jointly released a set of documents for the new nationwide Certification of Fintech Products (CFP) system. The documents include definitions of fintech products that require certification as well as rules for its proceedings.
The listed products include embedded application software, cloud computing platforms, user front-end software, security carriers and chips, as well as point of sale terminals and ATMs.
In the document titled “Fintech Product Certification Rules,” the PBoC and SAMR stated that, in order to obtain a CFP certificate from the central bank, applicants will have to pass a prototype examination as well as on-site inspections.
The certificate is valid for 3 years and requires a renewal after the expiration date, the authorities noted. During the validity period, CFP bearers will have to pass random inspections at any stage of the production process, the document says.