Chinese Central Bank Issues Official Definitions of Fintech Products Requiring Certification
The People’s Bank of China (PBOC) and the State Administration for Market Regulation (SAMR) have jointly issued a set of official definitions of fintech products that require certification.
The “Fintech Product Certification Catalogue (First Round)” issued by PBOC and SAMR on 16 October outlines a total of 11 fintech products that will require certification, as well as specific product definitions and benchmarks for certification.
While the catalogue includes “fingerprint identification systems,” they do not include the facial scan payments systems which are increasingly employed in Chinese commerce, or touch-free payments.
The Fintech Product Certification Catalogue (First Round)
|No.||Product type||Description of product scope|
|1||Client-end software (including apps)||Mobile-terminal client-end software that supports payments operations (including processing of orders).|
|2||Security chips||Security chips that support mobile payments operations.|
|3||Security carriers||Security units and mediums that carry security units based on security chips to support mobile payments operations, including SIM cards, SD cards, eSE and inSE.|
|4||Embedded application software||Embedded applications software to support mobile payments operations.|
|5||Bank card automated teller machines (ATM)|
|6||Point of service (POS) terminal|
|7||Mobile terminal trusted execution environments (TEE)|
|9||Barcode processing terminals|
|10||Fingerprint identification systems|
|11||Cloud computing platforms|
The certification mode