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China’s Central Bank Introduces Certification System for Fintech Products

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, a set of documents was jointly released by China’s central bank and State Administration for Market Regulation (SAMR) for a nationwide Certification of Fintech Products system (CFP). It includes the definitions of fintech products that require certifications as well as rules for its proceedings.

The listed products include:

  1. em­bed­ded ap­pli­ca­tion soft­ware

  2. cloud computing platforms

  3. user front-end software

  4. security carriers and chips

  5. 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 validity of the certificate is for 3 years and it will require renewal after the expiration date. The document also mentions that during the validity period the CFP bearers have to pass random inspections at any stage of the production process.

In addition, the CFP carriers will not be allowed to use their certification for advertisement purposes, while the incorporation of the certificate to their logo is authorized.  

PBoC denies digital renminbi launch readiness 

On Sept 24. cryptonewspoint reported that China’s central bank recently commented that it has no specific date for the launch of its digital currency. People’s Bank of China contradicted in new statements by denying Beijing’s launch of its national digital currency. The report did not directly quote governor Yi Gang but it said that PBoC “needs to research, test, evaluate and prevent risks”.

Recently, Xi JinpingChina’s President has called for the country to accelerate its adoption of blockchain technologies as a core for innovation. Xi stressed that the implementation of integrated blockchain technologies is key in promoting technological innovation and transforming industries.


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#china #PBoC #digitalremnibi #blockchain #fintech

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