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Is Hushang Bank a formal bank?

Yes. The full name of Hushang Bank is Hushang Rural Bank. It is a new rural financial institution village bank approved by the Banking Regulatory Commission and established by Zhejiang Nanxun Rural Commercial Bank Co., Ltd. as the main sponsor. After approval and recognition by government departments, Zhejiang Xiaoshan Hushang Rural Bank has obtained the "People's Republic of China and National Insurance Intermediary License", and has "JR/T0092 Mobile Financial Client Application Software Security Management Specifications" and "JR/T0098 .3 China Financial Mobile Payment Testing Specifications Part 3: Client Software" "T/PCAC0006 Barcode Payment Mobile Client Software Testing Specifications" "Financial Technology Product Certification Rules" (CNCA-CFP-001), "CFNR-IR-10 -05 Financial Technology Product Certification Implementation Rules Client Software V1.0/1" and other certifications, so Hushang Bank is a regular bank.