The Chinese central bank’s settlement centre has highlighted the successes of a trio of fintech trial projects launched at the end of 2018.
The China National Clearing Centre (CNCC) launched three separate fintech projects at the end of 2018, in response to a call from the Chinese central bank and the National Development and Reform Commission (NDRC) for more fintech trials.
These projects included:
- A cross-bank account information verification services platform,
- A mobile phone rapid payments system,
- An enterprise information network inspection system (企业信息联网核查系统).
NDCC has recently hailed the success of these trials, announcing that as of August 2020 its enterprise information system had seen participating online institutions rise to 190, and that it had processed over 18 million enterprise information inquiries.
The number of participants in its cross-bank account information verification platform had risen to 197, with all six of China’s big state-owned banks cooperating with the project.
According to CNCC the three projects have already reached or are about to reach their targets, with the results to be verified in October.
CNCC said that it would continue to make use of innovative fintech applications to drive the integration of fintech with payments operations in China.