The Peoples Bank of China (PBOC) and the State Administration for Market Regulation (SAMR) have jointly issued a set of official definitions of fintech products that require certification.
The Fintech Product Certification Catalogue (First Round) issued by PBOC and SAMR on 16 October outlines a total of 11 fintech products that will require certification, as well as specific product definitions and benchmarks for certification.
While the catalogue includes fingerprint identification systems, they do not include the facial scan payments systems which are increasingly employed in Chinese commerce, or touch-free payments.
The Fintech Product Certification Catalogue (First Round)
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