China launches new FinTech certification system

According to Coindesk, the Central Bank of China will certify 11 types of financial technology hardware and software (FinTech) that are widely used for digital payments and blockchain services with its new verification system called Fintech Products Certification (CFP).

The new certification system comes at a time when China is accelerating the development of new financial infrastructure, including a digital version of its currency and a boost from President Xi Jinping to capitalize on blockchain technology.

With 11 Fintech products currently on the central bank list, the certification system covers all products that could be involved in digital payment technologies, including mobile point-of-sale terminals, integrated application software, user interface software, and carriers and security chips.

The central bank will grant applicants a certification of Fintech products (CFP) if their products pass the prototype exam and on-site controls. The certificate will be reviewed and renewed every three years, according to the bank.

The central bank expects the national digital currency to boost the digital payment industry, promoting the security features of its own currencies and offline transaction capacity as superior to the commercial products offered by Alipay and WeChat Pay of China.

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