As the lunar new year fast approaches, the national calendar is not the only system bound to enter a new era in 2024. In a bid to combat fraud within its banking system, on December 17, China’s State Council unveiled rules on the supervision and administration of non-bank payment institutions, which will take effect in May.
The regulation includes the implementation of tough licensing rules, stronger risk management protocols and protection of users’ information, tougher scrutiny of fees and prices for services, and harsher penalties for rule violations.
