Electronic Banking Services in China: New Developments and Security Protection
February 28, 2006 | BY
clpstaff &clp articlesThe range of electronic banking services provided by PRC financial institutions has widened to cater to the needs of increasingly technology-driven and sophisticated banking customers. What measures have been taken to protect the security of e-banking systems in China?
By Philip Gilligan, Deacons Hong Kong
In response to rapid technological developments, increased demand for new forms of banking and the inherent risks associated with electronic banking (e-banking), the China Banking Regulatory Commission (CBRC) recently promulgated the Measures for the Administration of Electronic Banking Business (the Measures) and the Guidelines on E-banking Security Evaluation (the Guidelines), effective from March 1 2006.
These rules regulate banking services, which allow customers to complete financial transactions through self-service mechanisms provided on the internet; through telecommunication, mobile phone and wireless networks, and by electronic services, equipment and networks. They provide banks and third-party vendors with a blueprint to develop a secure e-banking infrastructure and strengthen the government's supervision of e-banking business in China.
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