China’s central bank, People’s Bank of China, has developed a new verification system called Certification of Fintech Products.
The new verification system will certify 11 types of financial technology hardware and software that are widely used for digital payments and blockchain services. The central bank has already released the first list of fintech products that could be used in both front-end and bank-end digital payment services development, CoinDesk cited filings from the bank.
With 11 fintech products currently on the central bank’s list, the certification system covers all products that could be involved in digital payment technologies, including mobile point-of-sale terminals, embedded application software, user front-end software, and security media and chips.
Applicants receive a Fintech Product (CFP) certification from the bank if their products pass the prototype test and on-site inspections. The certificate is checked and renewed every three years. One specific item featured on the list of 11 products is the Trusted Execution Environment (TEE), a technology that, according to the filing, is used in setting up a “consortium blockchain network and verifying blockchain transactions in use cases of Financial Transactions ”can help.