China announces new regulatory authority to certify fintech products for blockchain and digital payments

posted 20 days ago
China’s central bank, the People’s Bank of China, will certify 11 types of financial technology hardware and software that are widely used for digital payment and blockchain services with its new verification system called the Certification of Fintech Products.

The central bank’s new regulatory system includes 11 fintech “digital payment technology” products such as point-of-sale mobile terminals, embedded application software, user front-end software, security carriers, chips, and, specifically, a 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.” The central bank will grant applicants a Certification of Fintech Product (CFP) if their products pass the prototype examination and ongoing on-site checks.
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