PBC and State Administration for Market Regulation (SAMR) jointly released an announcement to incorporate fintech products into the unified national certification system. By doing so, they seek to put standards in place to continuously strengthen the safety and quality management of fintech, guard against the transmission of risks caused by quality deficiencies of fintech products to the financial sector, and better enable fintech to be innovative while promoting good governance and comprehensive management. Financial Technology Product Certification Catalog and Certification Rules have been published as part of the announcement.
Keywords: Asia Pacific, China, Banking, Fintech, Fintech Products, National Certification System, Governance, SAMR, PBC
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