The People's Bank of China issued the "Credit Information Business Management Measures"

On September 30, the People's Bank of China issued the "Credit Information Business Management Measures", which will come into effect on January 1, 2022.

The "Credit Information Business Management Measures" focus on the full-process compliance management of credit information collection, sorting, storage, processing, provision, and information security to clarify the boundaries of the credit information business and strengthen the rights and interests of information subjects. Protection is the focus.

The People's Bank of China issued guidance on personal bank account services

On September 30, the People's Bank of China issued the "Guidance of the People's Bank of China on Providing Personal Bank Account Services for Migrant Employment Groups and Other People" 》.

The "Guiding Opinions" encourage banks to adopt differentiated customer due diligence methods. Banks should follow the "risk-based" principle to determine the specific method of customer due diligence, and on the basis of "know your customer", appropriately optimize the account opening process to provide customers with account opening convenience, and should not require customers to provide auxiliary identity documents "one size fits all" , do not make unreasonable or excessive identity verification requirements to customers.

Several key points at the China Payment and Clearing Forum

The China Payment and Clearing Forum held every year by the China Payment and Clearing Association is a good platform to learn about the latest payment regulatory policies, especially the People’s Bank of China Vice President Fan Yifei’s speech is worth reading again and again. Based on the current payment market situation, there are regulatory regulations and market guidance.

For payment, this strongly regulated industry, if you understand the policies, you will also understand the market. So today I will review a few points that I think are more important.

Another payment institution received a fine of tens of millions of dollars

On September 27, the administrative penalty information disclosure form issued by the Tianjin Branch of the People’s Bank of China showed that Zhonghui Electronic Payment Co., Ltd. According to the relevant legal systems for bank card acquiring business, the company was fined 13.99 million yuan.

Zhonghui Payment is a "frequent customer" on the People's Bank of China's penalty list. According to statistics from Mobile Payment Network, Zhonghui Payment has been fined a total of 17 times since 2016, with fine amounts ranging from 30,000 to 710,000. This time, Zhonghui Payment was fined 13.99 million yuan in one go, which was a severe punishment.

Another company proactively terminates its payment business

On September 27, Guangxi Paytong Business Service Co., Ltd., the parent company of Guangxi Tonghui Card, issued an announcement that it would terminate its payment business.

The announcement shows that Guangxi Paytong’s “Payment Business License” is valid until June 26, 2022. After expiration, it will not be renewed, so the payment business will be stopped. Starting from October 8, 2021, Guangxi Paytm will stop handling the sale, recharge, and card replacement of Tonghui card products. Existing cards have a three-year card balance redemption time limit.

Major update! Huawei Pay is here

According to the China Securities Journal on October 4, Huawei Pay has begun to test the water, and the application scenario is ticket sales for the Huawei Developer Conference 2021.

According to reports, during the event, scan the code to pay for Huawei Developer Conference 2021 (Together) tickets through "Huawei Wallet", and select a bank card supported by "Huawei Pay" at the "Huawei In-App Payment Checkout" Buy tickets.

Alipay official announcement: Mutual recognition of QR code scanning with Cloud QuickPass

On October 2, Alipay issued an announcement to officially announce the progress of interconnection with China UnionPay. Currently, there are 85 Taobao shops. Already supports consumers to pay via Cloud Quick Pass.

In addition, mutual recognition of payment code scanning has been implemented in many cities across the country, including Beijing, Tianjin, Guangzhou, Shenzhen, Chengdu, Chongqing, and Xi'an, and plans to cover all cities across the country by March next year.

WeChat Pay official announcement: Progress in interconnection with Cloud QuickPass

The statement shows that Tencent WeChat Pay is promoting deeper interconnection with UnionPay Cloud QuickPass at both the payment and service levels. Interoperability.

UnionPay and Wanglian released transaction data for the three days before the National Day holiday

China UnionPay and Wanglian clearing platforms released financial consumption data for the three days before the National Day holiday on the 4th.

From October 1st to October 3rd, the NetLink platform processed 6.090 billion financial inter-agency online payment transactions, with an amount of 3.29 trillion yuan. The transaction amount on the UnionPay network reached 1.17 trillion yuan, and the number of transactions reached 2.149 billion.

Guangxi and Ningxia Financial Technology Innovation Application Announcement

On September 29, the second batch of innovative application projects of Guangxi Financial Technology Innovation Supervision Tools were announced to the public.

A few days before the second batch of announcements in Guangxi, on September 25, the first batch of two innovative applications of Ningxia’s financial technology innovation regulatory tools were announced.

Announcement of the first batch of innovative applications of financial technology innovation in Fujian Province

On September 28, the first batch of innovative applications of financial technology innovation regulatory tools in Fujian Province were announced to the public.

As of now, there are 121 innovative applications publicly announced in multiple pilot areas. Among them, 114 innovative application application institutions include banks, with a bank participation rate of 94.21.

Fintech innovation applications in Beijing and Shenzhen have completed testing

On September 28, the Fintech Innovation Supervision Working Groups of Beijing and Shenzhen announced to the public that there were three innovative applications, 1 innovative application completed testing.

According to the requirements of the "Financial Technology Innovative Application Testing Specifications", to end the test, the innovative application testing agency must submit a test end application, and the application can be promoted externally only after a comprehensive evaluation is completed.

The Financial Standardization Committee announced the list of winners of financial standardization topics in 2020

On September 23, the National Financial Standardization Technical Committee issued the "Notice on the Announcement of the Winners of Key Financial Standardization Research Topics in 2020" 》.

The notice shows that the key research topics on financial standardization in 2020 have been successfully concluded. After review by the expert group, 4 first prizes, 5 second prizes, 9 third prizes, and 32 excellence awards were selected. name.

Guangzhou Metro Line 18 supports facial recognition for boarding

On September 28, Guangzhou Metro Line 18 was officially put into operation. It is worth noting that all gates on Line 18 are facial recognition gates, supporting all gate entry methods such as tickets, QR codes, and faces.

The face-scanning boarding solution for Line 18 is provided by Jiadu Technology and Lu Shenshi, a 3D vision full-stack technology provider.

Many Alibaba apps support WeChat payment

Recently, many Alibaba apps have supported WeChat payment, including Ele.me, Youku, Damai, and Kaola.com , book flags, etc. In addition, there is news that apps such as Taote, Xianyu, and Hema have also applied to access WeChat payment and are waiting for WeChat review.

In this regard, the relevant person in charge of Alibaba Group said: "The news that Alibaba's applications are gradually connecting to WeChat payment is true. Alibaba firmly believes that sharing, connection and openness are the foundation of a healthy digital ecosystem. We will Continue to face the future together with other platforms and meet each other halfway.”

Lianlian International’s Vietnam payment station is officially launched

On September 26, Lianlian International announced that its Vietnam payment station was officially launched. , through cooperation with local financial institutions, etc., ***tong provides compliant, simple and fast cross-border collection services for Vietnamese cross-border e-commerce sellers.

In the past few years, Lianlian International has relied on its solid and strong basic capabilities in compliance, risk control, technology, etc. to continuously innovate product solutions based on customer needs, helping more than 700,000 cross-border e-commerce businesses Safely and efficiently recover accounts from foreign e-commerce platforms.

Fuyou Payment launches listing guidance

On September 23, the Shanghai Supervision Bureau of the China Securities Regulatory Commission released the "Basic Information Form for Guidance and Filing of Shanghai Fuyou Payment Services Co., Ltd." Fuyou Payment will be listed on the market under the guidance of Guojin Securities Co., Ltd.

Since then, another payment company has embarked on the road to listing, following UnionPay Business, Lianlian Digital, Shuiqianba, and PingPong.