The new system aims to bring a lot of improvements into the fintech field
The People’s Bank of China and the State Administration for Market Regulation have announced the launch of a new nationwide certification system for fintech products. That decision would develop the whole fintech management system based on principles of leadership, corporate responsibility, and government control.
The new system will expectedly strengthen fintech security and quality management. In addition to that, it would require a risk prevention feature, protecting the technical product while transmitting to the financial sector.
A fintech certification system will be used to certify 11 types of products, including client software, security chips, ATMs, POS terminals, barcode payment acceptance terminals, voiceprint recognition systems, cloud computing platforms, etc.
Fintech products will be subject to testing and inspection for safety, quality assurance, and product consistency. A certificate is valid for three years, but the testing frequency may increase in case the certified product has serious quality issues, followed by the user’s complaints.