CCTV News: Recently, the People's Bank of China and the State Administration for Financial Regulation jointly issued the "Regulations on the Management of Bank Card Clearing Institutions" (People's Bank of China Order [2025] No. 2, hereinafter referred to as the "Measures"), which will come into effect on November 1, 2025. Recently, the head of relevant departments of the People's Bank of China answered reporters' questions on issues related to the Measures.
1. What is the background of the issuance of the Measures?
In 2015, the State Council issued the "Decision of the State Council on Implementing the Access Management of Bank Card Clearing Institutions" (Guofa [2015] No. 22, hereinafter referred to as the "Decision"), opening up my country's bank card clearing market and implementing market access management for bank card clearing institutions. In 2016, the People's Bank of China and the former China Banking Regulatory Commission jointly issued the "Regulations on the Management of Bank Card Clearing Institutions" (People's Bank of China's Banking Regulatory Commission Order [2016] No. 2, hereinafter referred to as the original "Measures"), as a supporting system for the "Decision", further clarifying the specific conditions, procedures and main regulatory requirements for access to bank card clearing institutions. In recent years, with the continuous deepening of the opening of the bank card clearing market, it is necessary to revise and improve the original "Measures" in light of new situations and new trends in market development to create a good institutional environment for the development of bank card clearing institutions.
2. What are the main management ideas of the "Measures" for bank card clearing institutions?
The Measures continue the current basic principles of supervision of bank card clearing institutions, and have not made major adjustments to the access conditions and procedures of bank card clearing institutions. In combination with the current development status of the payment and clearing industry, the regulatory system is refined and improved, aiming to promote the healthy development of bank card clearing institutions and ensure the orderly operation of the bank card clearing market.
First, adhere to the direction of rule of law. The Measures improve the requirements for administrative license application materials such as preparation, opening, and change of bank card clearing institutions, simplify the supporting documents of some application materials, promote the openness and transparency of administrative licensing work of bank card clearing institutions, and strive to optimize the rule of law business environment.
The second is to adhere to high-level opening up. The Measures are effectively connected with laws and regulations in the field of foreign investment, adhere to the same standards as similar institutions, further consolidate the institutional guarantee for the opening of the bank card clearing market, promote development through opening up, promote the continuous improvement of the level of clearing services, and better serve the overall opening up to the outside world and the development of the real economy.
The third is to adhere to the coordinated development and security. Improve the business development requirements of bank card clearing institutions, strengthen supervision of business operations, member management, internal control, risk prevention, etc., provide a institutional basis for the full process supervision after institutional access, and ensure the security and continuity of bank card clearing business.
3. What is the main content of the Measures?
The Measures have a total of seven chapters and 58 articles. Chapter 1 General Provisions, including formulation basis, regulatory authority and basic business development principles of bank card clearing institutions. Chapter 2 Application and License stipulates the application conditions, application materials, processing procedures and time limit requirements for administrative licensing matters such as the preparation, opening of bank card clearing institutions, establishment of branches, approval of directors and senior executive qualifications, and clarifies the reporting obligations of overseas institutions that provide foreign currency bank card clearing services for cross-border transactions. Chapter 3 Changes and Terminations stipulates the application conditions, application materials, processing procedures and time limit requirements for changes to bank card clearing institutions, as well as administrative licensing matters such as mergers of branches and termination of some or all business. Chapter 4 Operation Management proposes business development requirements such as bank card clearing institutions establishing clearing business rules, member institutions constraints, risk management frameworks, and outsourcing business management. Chapter 5 Supervision and Administration, clarify the supervision and management responsibilities of the People's Bank of China and its branches over bank card clearing institutions, and put forward major matter reports and business reports requirements. Chapter 6 Legal Responsibilities, clarify the penalties and legal basis for illegal and irregular behaviors of bank card clearing institutions. Chapter 7 Supplementary Provisions, including the definition of nouns, right of interpretation and date of implementation.
4. What are the main considerations in the Measures to add operational management and supervision and management chapters?
The Measures combine market practice and set up special chapters for operation management and supervision management to address the problems that may be faced in the daily operations of bank card clearing institutions. This is not only an inherent requirement for promoting the orderly competition and healthy development of the bank card clearing market, but also an important manifestation of protecting the legitimate rights and interests of all parties in the market. On the one hand, the Measures clarify the basic requirements for the governance structure, business rules, standard system, member organization management, internal control and risk management system, and business continuity guarantee, so that the business activities of bank card clearing institutions are more regulated and can be improved. On the other hand, the regulatory mechanism for bank card clearing institutions is improved to ensure that bank card clearing institutions have more rules and regulations to follow, and maintain the order of bank card clearing market.
5. After the Measures are issued, what are the next work arrangements?
The People's Bank of China will work with the State Administration for Financial Supervision and Administration to strictly promote the access and supervision of my country's bank card clearing institutions in accordance with the relevant provisions of the Measures. First, carry out publicity and interpretation of the Measures. Second, in light of opinions and suggestions from all parties, revise and improve the supporting documents related to administrative licensing of bank card clearing institutions to ensure the effective implementation of the "Measures". The third is to strengthen implementation. Urge bank card clearing institutions to develop their businesses in compliance, improve business rules and risk management systems, improve bank card clearing services, and promote the healthy development of my country's payment industry.
