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China develops certification system for digital payments and blockchain products

Wednesday 30 October 2019 10:50 CET | News

China’s central bank, the People’s Bank of China, has developed a new verification system called the Certification of Fintech Products.

The new verification system will certify 11 types of financial technology hardware and software that are widely used for digital payment and blockchain services. The central bank has already released the first list of fintech products that could be used in both front-end and bank-end development for digital payment services, CoinDesk cited filings from the bank.

With 11 fintech products currently on the central bank’s list, the certification system covers all the products that could be involved in digital payment technologies, including point-of-sale mobile terminals, embedded application software, user front-end software, and security carriers and chips.

Applicants will be granted a Certification of Fintech Product (CFP) by the bank if their products pass the prototype examination and on-site checks. The certificate will be reviewed and renewed every three years. A specific item included on the list of 11 products is trusted execution environment (TEE), a technology that can assist in the establishment of a ‘consortium blockchain network and verifying blockchain transactions in financial transactions use cases’, according to the filing.
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Keywords: blockchain, fintech, payments, China, certificates, POS mobile terminals, embedded application software, user front-end software, security
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: China
This article is part of category

Blockchain & Cryptocurrencies