Shulou(Shulou.com)12/24 Report--

Thanks to CTOnews.com netizens Rimi Ishihara for being happy, having clues of crucian carp snow fox and CMCC to deliver! CTOnews.com, December 17 (Xinhua) the regulations on the Supervision and Administration of non-Bank payment institutions have been officially announced today, which will come into effect on May 1, 2024. The regulations have a total of 6 chapters and 60 key provisions, which further bring non-bank payment institutions and their business activities into the track of the rule of law, in order to promote the standardized and healthy development of the non-bank payment industry and effectively protect the legitimate rights and interests of users.

Key content attached to CTOnews.com:

The first is to clarify the definition and establishment license of non-bank payment institutions. Non-bank payment institutions are defined as companies that transfer currency funds according to electronic payment instructions submitted by users except banking financial institutions. It is stipulated that the establishment of non-bank payment institutions shall be subject to the approval of the people's Bank of China, clearly define the conditions for establishment and strictly control the entry into customs. It is made clear that non-bank payment institutions shall aim to provide small and convenient payment services, and shall not engage in other businesses that need to be approved according to law without approval, or engage in liquidation business in disguise.

The second is to improve the payment business rules. To meet the needs of the development of payment business, the payment business is divided into two categories: stored value account operation and payment transaction processing, and the people's Bank of China is authorized to formulate specific rules. Clarify the requirements of payment business management, stipulate that non-bank payment institutions should improve business management and other systems, have business systems, facilities and technologies that meet the requirements, and ensure that payment business is continuous, safe and traceable. Clearly define the management regulations on payment accounts, reserves and payment instructions, requiring payment accounts to be opened under the real name of users, non-bank payment institutions shall not misappropriate, occupy or borrow reserve funds, or forge or alter payment instructions, guard against the risks of non-bank payment industry.

The third is to protect the legitimate rights and interests of users. It is stipulated that non-bank payment institutions shall sign payment service agreements with users, and its terms shall be drawn up in accordance with the principle of fairness. Non-bank payment institutions shall ensure the security of users' funds and information, and shall not entrust relevant core business and technical services to a third party; properly preserve user data and transaction records, establish an effective due diligence system, and strengthen risk management; take effective measures to ensure the security of payment accounts and prevent them from being used in illegal fund-raising, telecommunications network fraud, money laundering, gambling and other illegal and criminal activities.

The fourth is to clarify the regulatory responsibilities and legal responsibilities. It is stipulated that the supervision and management of non-bank payment institutions should implement the party and state line, principles, policies, decision-making arrangements, focus on serving the real economy, overall development and security, and maintain the order of fair competition. Clarify the supervision responsibilities, supervision measures and risk disposal measures of the people's Bank of China, and the local people's governments shall cooperate with the people's Bank of China to do a good job in risk disposal. The regulations also provide for legal liability for illegal acts.

Tuyuan Pexels, according to Xinhua News Agency, Alipay, the people's Bank of China, Tenpay and other voices.

Feng Qiao, deputy general manager of Alipay, said that in the future, we will further strengthen the protection of financial consumers' rights and interests, persist in integrating financial consumer protection into corporate governance, corporate culture, and business strategy, optimize product design, strengthen financial education and publicity, and solidly improve the level of financial consumer protection.

The relevant responsible person of the people's Bank of China said that in the next step, we will step up efforts to formulate detailed rules for the implementation of the regulations and do a good job in implementing them. We should refine and clarify the specific classification of payment business, the transitional provisions on the convergence of new and old business types, further standardize licensing and punishment procedures, implement "inventory" examination and approval, and administer in strict accordance with the law.

Tenpay (WeChat Pay) said that immediately after the formal promulgation of the regulations, all personnel were organized to study conscientiously, believing that the regulations adhere to the principle of returning to the origin and serving the real economy, and guide payment institutions to pay more attention to product innovation and user services. to better meet the diversified payment needs of the people and the real economy.

A relevant person in charge of United Yibao (Douyin) said that it can be expected that the regulations will strengthen the full-chain and full-cycle supervision of the non-bank payment industry, which will help to give full play to the role of the law in protecting the industry's solid foundation, stable expectations and long-term benefits. for the high-quality development of the payment industry to add strength and escort.

Liu Xiaodong, general manager of Qiandaibao (Meituan), said that the formal promulgation and implementation of the regulations will help improve market expectations and enhance the driving force for development, and the payment industry will develop in a healthier, more compliant and more sustainable direction.

Qiu Han, CEO of PayPal payment (Beijing) Co., Ltd., said that PayPal pay has strengthened its confidence in long-term service to the Chinese market, giving full play to the global payment network covered by PayPal, working with all parties in the industry to serve the vast number of small and medium-sized enterprises to go out to sea, improve the efficiency of cross-border financing, and make due contributions to the high-quality development of cross-border trade.

Yibao pay said that it will, as always, adhere to the business development concept that compliance is productivity and competitiveness, and under the supervision and guidance of the people's Bank of China, conscientiously study and resolutely implement the requirements of the regulations on the Supervision and Administration of non-Bank payment institutions, based on the positioning of payment experts in their own industry, help merchants to make digital transformation and lead the healthy and sustainable development of the payment industry. Contribute to the development of China's real economy and the construction of a financial power

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