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China Financial Fintech Certification Center to Enlarge International Influence

By VIVIAN YANICHONGQING|Apr 08,2021

The national financial fintech certification center in southwestern China’s Chongqing Municipality is preparing to build a national key lab to promote international financial standardization and certification with countries along the Belt and Road.

National Financial Fintech Certification Center in Chongqing is preparing to build a national key lab. (Photo/ Xinhua)

The certification and testing reports, issued by the center for financial institutions and fintech enterprises in Chongqing and nationwide, will be expected to be directly accepted by countries along the route.

Liu Donghua, Executive Deputy General Manager of the center, revealed that recently,  the center is negotiating with relevant departments of countries of the Association of Southeast Asian Nations (ASEAN) such as Singapore on certification cooperation, intending to realize connectivity with these countries in financial certification first and provide better support for financial institutions in Chongqing and nationwide to go global.

Liu said that if the negotiation goes smoothly, the certification and testing reports obtained by domestic financial institutions and fintech enterprises from the center will be directly accepted by ASEAN countries such as Singapore. This will greatly save both time and cost for them to make inroads into the financial markets in those countries.

Last October, the center was established and is expected to officially open for operation in the latter half of this year. By then, financial institutions and fintech enterprises can apply for the certification of various systems, software, and hardware products, services, and professionals.

Preparing an innovative, advanced, and leading national key lab with international competitive advantages in terms of international influence, the center is driving forces of discipline and national needs.

The lab will conduct fintech research such as blockchain, digital currency, and security situation awareness after its approval. This will help drive more enterprises, universities, and research institutions in Chongqing to conduct fintech research and enhance their research strength in this area.

Additionally, the lab will also conduct testing and certification of software and hardware products, such as the security vulnerabilities of VTM machines and the disclosure of personal information of users on financial institutions’ applications, and it will issue valid certification and testing reports.

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