Belated PRC Online Banking Regulations Welcomed By Financial Services Sector

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Online Banking regulations have recently been promulgated to China's banking laws, but there remains uncertainties to online privacy issues, foreign banks and other applicability of the provisions.

Belated PRC Online Banking Regulations Welcomed By Financial Services Sector

Recently promulgated regulations governing online banking are a welcome addition to China's banking laws, but it remains to be seen how the regulations will play out. Online privacy issues, the role of foreign banks and ambiguity on whether the regulations apply to mobile phone or other telecom users are some of the obstacles to online banking.

As a further attempt to regulate its financial service sector and to protect the interests of consumers, the People's Bank of China (PBOC), the PRC central bank, issued the Tentative Administrative Measures on Online Banking Business (the Online Banking Measures) on July 9 2001, effective immediately upon promulgation.

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