China Issues Standards for Open Internet Platforms in the Commercial Banking Sector

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China has just seen the release of new standards governing the operation of online open platforms by banking sector financial institutions.

On 17 February the National Internet Finance Association of China (NIFA) and Shenzhen TECHO Telecom officially released the “T/NIFA11-2022 Commercial Bank Internet Open Platform Framework Standards (商业银行互联网开放平台架构规范).

The Standards were drafted NIFA and TECHO in collaboration with a cohort of Chinese lenders, including China Everbright Bank, Guangfa Bank, Huaxia Bank, Bank of Beijing and Bank of Shanghai, as well as private digital lenders Wuhan Zhongbang Bank and Sichuan province’s XWBank.

According to NIFA the standards mark the release of the first framework for open online platforms in the Chinese banking sector, and will provide a key reference basis for the development of open online platforms by lenders.