China’s Peak Internet Finance Body Officially Releases New Online Banking Standards

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The peak body for online finance in China has just issued a new set of standards for internet banking services that were developed in conjunction with some of the country’s biggest state-owned banks.

The National Internet Finance Association of China (NIFA) officially issued a trio of online banking service standards on 9 June, including:

  • “The Online Banking Services Basic Requirements” (网上银行服务 基本要求) (T/NIFA 12—2022)).
  • “The Online Banking Service and Mobile End Product Design Requirements” (网上银行服务 移动端产品设计要求) (T/NIFA 13—2022, and
  • “The Online Banking Services Desktop End Product Design Requirements” (网上银行服务 桌面端产品设计要求) ((T/NIFA 14—2022)).

The drafting and design of the standards was led by NIFA in conjunction with some of China’s leading financial institutions, including China Minsheng Bank, Industrial and Commercial Bank of China and Postal Savings Bank of China.

The standards outline requirements with regard to the form, function, security, protections and innovations of online banking services, and are applicable to the design, development and optimisation of online banking services by banking sector financial institutions in China.