The People's Bank of China and the National Financial Regulatory Administration jointly issued updated management measures for bank card clearing institutions, revising the regulatory framework covering administrative licensing, operational management and supervision. The measures take effect on 1 November 2025 and will repeal the 2016 management measures at the same time. The revised framework sets out application conditions, required documentation and processes for key approvals, including establishment and commencement of operations, setting up branches, and fit-and-proper approval for directors and senior executives. It also specifies approval requirements for major changes, the merger or closure of branches, and the termination of part or all business lines, and introduces operational requirements spanning clearing business rules, constraints on member institutions, risk management frameworks and outsourcing governance, alongside updated supervisory provisions. The two authorities indicated they will jointly carry out ongoing supervision of bank card clearing institutions under the new framework.
China Banking and Insurance Regulatory Commission 2025-04-30
People's Bank of China and National Financial Regulatory Administration issue updated management measures for bank card clearing institutions effective 1 November 2025
The People's Bank of China and the National Financial Regulatory Administration have issued updated management measures for bank card clearing institutions, effective 1 November 2025, replacing the 2016 framework. The revised measures outline conditions and processes for key approvals, operational requirements, and supervisory provisions. The authorities will jointly oversee the ongoing supervision of these institutions under the new framework.