The Measures for the Administration of Bank Card Clearing Institutions, having been adopted on April 3, 2025, at the sixth executive meeting of the People’s Bank of China in 2025 and received the approval of the National Financial Regulatory Administration, is hereby issued and will come into force on November 1, 2025.
Pan Gongsheng, Governor of the People’s Bank of China
Li Yunze, Minister of the National Financial Regulatory Administration
April 22, 2025
Measures for the Administration of Bank Card Clearing Institutions
Chapter I General Provisions
Article 1 This Measures is made in accordance with the Law of the People’s Republic of China on the People’s Bank of China and the Decision of the State Council on Implementing the Administration of Access of Bank Card Clearing Institutions (Guofa [2015] No. 22) to promote the healthy development of China’s bank card clearing market, regulate the administration of bank card clearing institutions, and safeguard the lawful rights and interests of the relevant parties.
Article 2 In this Measures, “bank card clearing institution” refers to any enterprise legal person that has lawfully obtained a bank card clearing license with approval to exclusively engage in bank card clearing.
In this Measures, “bank card clearing” refers to the activities of a bank card clearing institution to formulate the standards and rules for bank card clearing, operate a bank card clearing system, authorize the issuance and acceptance of its branded bank cards, provide card issuers and acquirers with inter-institutional transaction processing services for such cards, and facilitate funds settlement.
Article 3 An overseas institution that exclusively provides bank card clearing services in foreign currencies for cross-border transactions (“overseas institution”) is, in principle not required to establish a bank card clearing institution within the Mainland of the People’s Republic of China (“Mainland”), unless such services have a significant impact on the robustness of Mainland’s payment clearing systems or public confidence in those systems, in which case the overseas institution shall establish a legal entity in the Mainland and lawfully obtain a bank card clearing license.
“Provision of bank card clearing services in foreign currencies for cross-border transactions” refers to enabling the use of overseas bank cards in the Mainland either through authorization to a Mainland acquirer or in partnership with a Mainland bank card clearing institution, or authorizing a Mainland card issuer to issue foreign-currency bank cards to be used exclusively outside the Mainland.
Article 4 Bank card clearing institutions shall comply with the laws and regulations on national and network security and ensure the secure, stable, and efficient functioning of bank card clearing infrastructures. Such infrastructures shall comply with the national multi-level protection scheme for network security, utilize commercial cryptographic products certified by the national cryptographic authorities, comply with national and industry financial standards, and in principle not outsource their core service systems.
Article 5 Bank card clearing institutions and overseas institutions shall abide by laws and regulations, act with integrity and compete fairly, and not undermine national or public interests.
Article 6 Bank card clearing institutions and overseas institutions shall observe the regulations against money laundering, terrorist financing, wire frauds, and gambling and shall take necessary measures to prevent illegal and criminal activities.
Article 7 Foreign investors that directly or indirectly invest in bank card clearing business in the Mainland shall be subject to security reviews in accordance with applicable laws and regulations if such investment affects or may affect national security.
Article 8 The People’s Bank of China (“PBOC”) and the National Financial Regulatory Administration (“NFRA”) will supervise bank card clearing institutions and overseas institutions in accordance with their respective statutory mandates, and will enhance coordination to jointly prevent the systemic risks related to bank card clearing.
Chapter II Application and Licensing
Article 9 A bank card clearing institution shall have a registered capital not below RMB 1,000,000,000. Funders shall make capital contributions with their own funds. Capital contribution with client funds, borrowed funds, or other forms of non-owned funds is prohibited.
Article 10 An applicant that seeks the PBOC’s approval on making preparations to establish a bank card clearing institution shall submit the following materials:
(1) A preparation application specifying the company’s name, domicile, and registered capital;
(2) Photocopy of its Business License (Enterprise Legal Person); as well as its articles of association and, for a foreign-invested enterprise, the receipt from foreign investment information reporting;
(3) Documentation evidencing its capital strength;
(4) A truthful, complete, and fair financial and accounting report for the most recent fiscal year, unless the applicant has been established for less than one year;
(5) Funders’ resolution on capital contribution detailing the amount, method, and source of funding of the contributions, along with a statement on the relations between the funders;
(6) Materials on the qualifications of each of the major funders and any funder holding more than 10 percent of the equity interest, including but not limited to business licenses, financial and accounting reports for the most recent three years, declaration of no record of material violations, and statement on previous professional experiences. Any funder that is a Mainland banking institution shall also provide a photocopy of its Financial License and the approval document from NFRA authorizing its investment in bank card clearing institutions;
(7) A statement on the company’s actual controllers and beneficial owners;
(8) A description of the company’s organizational structure, financial independence, and the setup of its risk control framework and compliance protocols;
(9) The internal control and organizational structure scheme for anti-money laundering and counter-terrorist financing, and a description of the technical preparedness for the related activities;
(10) The trademark registration certificate for the bank card clearing brand or, if using a brand owned by a funder, proof of the funder’s trademark ownership, the transfer agreement or licensing agreement, and the trademark use permit previously filed by the applicant;
(11) The feasibility study report, business plan, and infrastructure development plan for the bank card clearing business;
(12) The framework for the standards system and rules for bank card clearing that is compliant with national and industry norms;
(13) Strategies and mechanisms for protecting cardholder and merchant rights;
(14) The preparation plan and a list and the resumes of key personnel;
(15) Additional materials related to bank card clearing required by the PBOC to safeguard user rights and the national and public interests;
(16) Other matters that require special explanations; and
(17) A declaration on the truthfulness of all application materials.
For materials originally written in a foreign language, the corresponding Chinese translation must be provided at the time of application and will take precedence over the foreign-language versions.
Article 11 Upon accepting a preparation application, the PBOC will first review the application materials and then solicit the opinions of NFRA on the relevant matters. The NFRA shall issue its written opinions within 30 days of receiving the relevant materials and deliver the opinions to the PBOC.
Article 12 The PBOC will approve or disapprove a preparation application within 90 days of its acceptance, based on both prudential regulation considerations to promote fair competition in and the healthy development of the bank card clearing market, and the opinions of the NFRA, and will notify the applicant of its decision in writing. Reasons must be provided in the case of disapproval.
Article 13 The preparation period for a bank card clearing institution is one year from the preparation approval date. The applicant must apply to the PBOC, before the preparation period expires, for commencing business, or the preparation approval will automatically expire.
Article 14 An applicant that applies to the PBOC for commencing business as a bank card clearing institution shall submit the following materials:
(1) A commencement application specifying the company’s name, domicile, registered capital, and working capital;
(2) The specific contents and a detailed explanation of the standards system and rules for bank card clearing;
(3) The architecture report, construction report, business continuity plan, and contingency plan for bank card clearing infrastructures;
(4) Documentation for bank card clearing infrastructures proving compliance with the relevant standards and technical security requirements;
(5) Materials on internal controls, risk prevention measures, and compliance measures;
(6) Materials on the safeguards for network security and data protection, including but not limited to network and data security standards for bank card payments; security protocols for network access; measures in place to protect personal information; how financial data are classified, assigned protection levels, and protected; security classification and assessment reports for the core service systems in accordance with the multi-level protection scheme; independent network security risk evaluation report; and the network security management framework;
(7) Materials certifying its anti-money laundering and counter-terrorist financing measures have passed the acceptance review;
(8) A summary report on the completion of various preparations, including explanations for any changes to the original preparation application materials;
(9) Documentation on the completion of divestiture of non-core businesses to ensure exclusive focus on bank card clearing;
(10) If the applicant intends to use an overseas bank card clearing brand and the overseas institution owning the brand is already providing bank card clearing services in foreign currencies for cross-border transactions, the plan and scheme for migrating the service from the overseas institution to the applicant must also be provided;
(11) Other matters that require special explanations; and
(12) A declaration on the truthfulness of all application materials.
The applicant shall at the same time and as required submit to the PBOC the application materials for recognizing the fitness of the proposed directors and officers to hold the relevant office.
Article 15 An applicant shall withdraw the materials for its preparation or commencement application originally submitted to the PBOC, if following such submission there has been a change to:
(1) its shareholding structure;
(2) its actual controllers or beneficial owners;
(3) its infrastructure development plan;
(4) its bank card clearing brand; or
(5) any other matter that may affect administrative licensing decisions.
Article 16 Upon accepting a commencement application, the PBOC will approve or disapprove the commencement of business in line with Articles 11 and 12 of this Measures and notify the applicant of its decision in writing. The PBOC will issue the approval document for commencement of business, the bank card clearing license, and a corresponding public announcement in the case of approval, and shall inform the applicant of the reasons for denying its application in the case of disapproval.
Article 17 The approval document for commencement of business will expire if the bank card clearing institution fails to officially commence business by the prescribed date. In such an event, the PBOC will cancel the approval, withdraw the corresponding bank card clearing license, and issue a public announcement regarding such cancellation.
Article 18 The directors and officers of a bank card clearing institution shall possess the knowledge, experience, and competency necessary for carrying out their duties; sound personal integrity and reputation; and the independence required for their roles. No less than 50 percent of all directors (including the chairman and vice chairmen), as well as all of the officers, shall each possess at least five years of experience in the field of economics or finance.
In addition to the circumstances specified in the Company Law of the People’s Republic of China, an individual may not serve as a director or officer of a bank card clearing institution if he:
(1) has a documented gross negligence or crime;
(2) was a director, supervisor, or officer who was disqualified from office less than five years ago by a financial authority for violating the law or disciplinary rules; or
(3) held position at an organization that was imposed an administrative penalty by a financial authority, for which he was liable either personally or as the supervising manager, and less than two years have passed since the end of the effective period of the penalty.
In this Measures, “officer” refers to any individual with a decision-making power or significant influence over the operations and management of a bank card clearing institution, including the general manager, deputy general managers, chief financial officer, chief risk officer, chief compliance officer, chief technology officer, board secretary of a listed company, and individuals who actually discharge the foregoing duties.
Article 19 The directors and senior executives of a bank card clearing institution shall, prior to their appointment, obtain such qualifications for their office as recognized by the PBOC in conjunction with the NFRA. Any applicant that applies to the PBOC for qualification approval of directors and senior executives of its bank card clearing institution shall submit the resolution on the proposed appointment as well as materials showcasing the proposed appointee's compliance with the appointment conditions, including but not limited to materials related to their identity, resume, academic credentials, integrity status, and professional and technical certifications; statement confirming their independence for the position; certification of no criminal record and penalty-free certifications; and an comprehensive assessment of the proposed appointee.
The PBOC and the NFRA may review whether the proposed directors and senior executives are fit for office through such methods as consulting with the relevant state authorities and the former employers of the proposed appointees, obtaining information from credit information platforms, and conducting professional competency tests.
The PBOC shall decide whether to grant the administrative approval based on the qualification requirements for the directors and senior executives of a bank card clearing institution, the principles of prudential regulation, and the provisions of Articles 11 and 12 of this Measures, and shall notify the applicant of its decision in writing.
Article 20 If any director or senior executive of a bank card clearing institution fails to meet the qualification requirements prescribed by laws, regulations, and this Measures, the bank card clearing institution shall immediately take such actions as ordering the rectification to be completed by a prescribed date, suspending him from his duties, or removing him from office, and shall report to the PBOC as required.
Article 21 Any bank card clearing institution that intends to establish a branch in the Mainland shall meet the following criteria:
(1) Ensuring compliance with the institution’s development plan;
(2) Ensuring it is able to operate as a going concern;
(3) Having in place sound corporate governance, robust internal controls, and effective branch management mechanisms;
(4) Not having been subject to any administrative penalty imposed by financial regulatory authorities in the most recent two years;
(5) Ensuring the proposed branch will have the necessary office premises, staffing, and compliance and risk control protocols; and
(6) Ensuring the proposed head of the branch has sound integrity and reputation, a strong record of legal and regulatory compliance, and the professional experience commensurate with his position.
Article 22 Any bank card clearing institution applying to establish a branch in the Mainland shall submit the following materials to the PBOC:
(1) An application for establishing a branch of the bank card clearing institution;
(2) Statements regarding the development plan, business operations, corporate governance, internal controls, branch management, and state of compliance of the bank card clearing institution;
(3) Materials concerning the proposed branch, including feasibility study, business functions, development plan, organizational structure, office premises, staffing, compliance and risk control mechanisms, as well as information about the proposed head of the branch;
(4) Other matters that require special explanations; and
(5) A declaration on the truthfulness of all application materials.
Upon accepting the above application materials, the PBOC will decide whether to grant the administrative approval in line with Articles 11 and 12 of this Measures and notify the applicant of its decision in writing.
Article 23 The approval document for a branch will expire if the branch fails to officially commence business by the prescribed date. In such an event, the PBOC will cancel the approval and issue a public announcement regarding such cancellation.
Article 24 Any overseas institution that intends to provide bank card clearing services in foreign currencies for cross-border transactions shall submit a report to the PBOC and the NFRA at least 30 days in advance, along with the following materials:
(1) Its basic information, including but not limited to name, place of registration, and domicile, as well as office premises and staffing in the Mainland;
(2) Regulatory oversight in the home country;
(3) Statement on its participation in national or international payment systems;
(4) Its internal control, risk prevention, and network and data security mechanisms;
(5) Description of its internal control systems and organization structure for anti-money laundering and counter-terrorist financing, and of the related activities undertaken;
(6) Operational status of its bank card clearing infrastructure;
(7) Its bank card clearing rules;
(8) Description of its business operations, development plans, and collaborations with organizations in the Mainland;
(9) Strategies and mechanisms for protecting the rights and interests of cardholders and merchants;
(10) Other matters that require special explanations; and
(11) A declaration on the truthfulness of all application materials.
For materials originally written in a foreign language, the corresponding Chinese translation must be provided at the time of application and will take precedence over the foreign-language version. Any change to the basic information shall be reported by the overseas institution to the PBOC and the NFRA within 30 days from the change.
Chapter III Changes and Termination
Article 25 A bank card clearing institution shall submit relevant application materials to the PBOC if it intends to:
(1) undergo a corporate separation or merger;
(2) change its corporate name;
(3) change its registered capital;
(4) change any funder individually holding more than 10 percent of its equity interest;
(5) change its bank card clearing brand; or
(6) replace a director or senior executive.
Upon accepting the above application materials, the PBOC shall decide whether to grant the administrative approval based on the eligibility criteria for a bank card clearing institution, the principles of prudential regulation, and the provisions of Articles 11 and 12 of this Measures, and shall notify the applicant of its decision in writing.
Article 26 Where a director or senior executive of a bank card clearing institution ceases his duty as a director or senior executive, the bank card clearing institution shall report the change to the PBOC and the NFRA within 7 days from such change and the PBOC will deregister the qualification of the director or senior executive for the position. Where a director of a bank card clearing institution assumes or resigns from chairmanship or vice chairmanship, or where a senior executive is appointed to or concurrently holds another senior executive position within the institution, the bank card clearing institution shall report the change to the PBOC and the NFRA within 7 days from such change and update the individual’s qualification materials.
Article 27 Any bank card clearing institution that intends to merge one branch with another or close a branch shall submit a report to the PBOC branch at its branch’s domicile at least 30 days in advance. The report shall include, but not limited to the merge or closure plan, the business contingency plan, and the measures for protecting the rights and interests of cardholders and merchants. The PBOC branch shall promptly report the situation to the PBOC.
Article 28 Any bank card clearing institution that intends to terminate part or all of its bank card clearing operations or dissolve shall submit the following materials to the PBOC:
(1) A termination application specifying its name and domicile;
(2) The resolution of its shareholders’ (general) meeting or board of directors approving the termination;
(3) An assessment report for the operations to be terminated;
(4) The business wind-down plan it has agreed with card issuers, acquirers (collectively, “member institutions”) and relevant cooperative institutions;
(5) The contingency plan for the operations to be terminated;
(6) The measures for handling the protection of the rights and interests of cardholders and merchants;
(7) Other matters that require special explanations; and
(8) A declaration on the truthfulness of all application materials.
Upon accepting the above application materials, the PBOC shall decide whether to grant the administrative approval in line with Articles 11 and 12 of this Measures. If the PBOC approves the bank card clearing institution to terminate all of its bank card clearing operations and dissolve, the PBOC shall cancel the corresponding bank card clearing license and issue a public announcement regarding such cancellation.
Article 29 Any overseas institution that intends to terminate its foreign-currency bank card clearing services for cross-border transactions shall submit a report to the PBOC and the NFRA at least 30 days in advance, along with the following materials:
(1) An assessment report for the operations to be terminated;
(2) The business wind-down plan it has agreed with member institutions;
(3) The contingency plan for the operations to be terminated;
(4) The measures for handling the protection of the rights and interests of cardholders and merchants;
(5) Other matters that require special explanations; and
(6) A declaration on the truthfulness of all application materials.
Chapter IV Operational Management
Article 30 A bank card clearing institution shall establish a governance structure with sound organizational frameworks, clear division of responsibilities, and appropriate incentives and constraints; establish robust internal controls and audit and accountability systems; and ensure operational autonomy.
Article 31 A bank card clearing institution shall establish a body of rules covering card issuers, acquirers, designated merchants, cardholders, third-party contractors, and other relevant parties in accordance with laws, regulations, and applicable policies, and implement differentiated management measures based on the particular type of business, payment acceptance terminal, and designated merchant involved.
Article 32 A bank card clearing institution shall establish bank card issuance standards and acceptance specifications for own-brand cards; develop inter-institutional transaction processing, clearing, and settlement rules; and ensure an orderly and efficient bank card clearing process.
Article 33 A bank card clearing institution shall establish management rules for member institutions, and manage member institutions in a fair, impartial, and open manner, without restricting them from cooperating with other bank card clearing institutions.
A bank card clearing institution shall assume primary responsibility over the management of member institutions; specify its and their respective rights, obligations, and responsibilities through lawful and valid means; and, within the scope of its services, actively supervise their compliant engagement in payment businesses. Any bank card clearing institution that discovers a member institution has committed a violation or incurred significant risks shall promptly take necessary risk prevention measures.
Article 34 A bank card clearing institution shall establish a risk management system commensurate with the scale, business, and organizational structure of member institutions to effectively identify, measure, monitor, and manage various risks, including but not limited to credit, liquidity, operational, general business, network and data security, and reputational risks.
Article 35 A bank card clearing institution shall establish a transaction risk monitoring system and a risk information sharing mechanism, to alert member institutions to take necessary risk prevention measures in relation to risk-incurring transactions, bank cards, payment acceptance terminals, and designated merchants. Sharing of risk-related information among bank card clearing institutions is encouraged and supported.
Article 36 A bank card clearing institution shall develop a business continuity plan, establish contingency plans and an off-site disaster recovery system, resolve risks in a timely manner, and ensure the secure and stable functioning of bank card clearing operations.
Article 37 A bank card clearing institution shall establish robust rules for transaction information management and transmission as required; take necessary measures to ensure the truthfulness, integrity, and accuracy of transaction information; and preserve and transmit transaction information, transaction records, business documentations, and other relevant materials in accordance with applicable rules.
Article 38 A bank card clearing institution shall establish error and dispute resolution rules and systems, and process erroneous and disputed transactions in a fair and impartial manner.
Article 39 A bank card clearing institution shall independently conduct the core operations including authorization of the issuance and acceptance of own-brand cards, transaction processing and clearing, risk management, error and dispute resolution, and information services. For data security reasons, where it is absolutely necessary to collaborate with others on part or all of the core operations, the applicant shall, in its preparation and commencement applications, submit such materials as the collaboration plan, information about its partnering institution, and the collaboration agreement. The partnering institution must possess the qualifications authorized by the PBOC to engage in clearing services, as well as the capital, service capacity, and security safeguards commensurate with the collaborative operations it plans to undertake, and commit to not outsourcing those operations.
A bank card clearing institution shall establish a collaboration management system, develop eligibility standards for partnering institutions and safeguards for the security and continuity of the collaborative programs, implement effective risk prevention measures, and assume primary responsibility over the management of such programs.
Article 40 Bank card clearing institutions and overseas institutions shall comply with the laws, regulations, and policies concerning network security, data security, and protection of personal information; establish sound and effective internal management systems for network and data security; and maintain the confidentiality of data subjects’ financial data obtained from bank card clearing services, including identity, account, transaction, and other sensitive information. Unless otherwise provided by laws and regulations, such data shall not be disclosed to third parties without the authorization of the data subjects. When transmitting financial data collected in the Mainland to overseas card issuers or acquirers for the purpose of processing cross-border bank card transactions and with the authorization of the data subjects, bank card clearing institutions and overseas institutions shall comply with the laws and regulations on outbound data security and, through rules, agreements, and other effective means, require the overseas card issuers and acquirers to maintain the confidentiality of the financial data they receive.
Article 41 Transaction processing for Mainland-issued bank cards used in the Mainland shall be completed through Mainland bank card clearing infrastructures.
Clearing between a bank card clearing institution and its Mainland member institutions for bank card transactions shall be settled in RMB through Mainland channels, except in the case of bank card clearing services provided in foreign currencies for cross-border transactions.
Where the overseas institutions of the same brand as the bank card clearing institution already provide bank card clearing services in foreign currencies for cross-border transactions, the Mainland bank card clearing institution shall in general migrate the core operations involving Mainland member institutions to its internal functions within three years of commencing business, and submit periodic reports on the progress of such migration to the PBOC.
Article 42 In processing cross-border bank card transactions, a bank card clearing institution shall comply with the rules on cross-border RMB movement and foreign exchange management, strengthen the oversight of cross-border transactions in regard to their genuineness and compliance, and prevent abnormal cross-border fund flows.
Article 43 Any overseas institution that collaborates with a Mainland bank card clearing institution in authorizing the issuance of bank cards shall do so with the bank identification number of the Mainland bank card clearing institution. No overseas institution shall engage in RMB bank card clearing either openly or in disguise through collaborations. Mainland banking institutions and non-bank payment institutions shall enhance the relevant management rules and may not assist overseas institutions in operating beyond their permitted scope of business.
Chapter V Supervision
Article 44 The PBOC may, for the purposes of fulfilling its mandates, conduct on-site inspections on the partnering card issuers and acquirers of bank card clearing institutions and overseas institutions, interview their staff members, review and copy the relevant documents and materials, and examine their electronic data systems, among other actions.
To prevent the risks of bank card clearing services and protect the lawful rights and interests of the relevant parties, the PBOC may take such actions as ordering rectifications or holding regulatory meetings.
Article 45 PBOC branches are to supervise those branches of bank card clearing institutions that are within their jurisdictions.
Article 46 A bank card clearing institution shall submit a report to the PBOC at least 30 days in advance in the event of:
(1) any change to any funder who individually holds more than 5 percent of its equity interest and does not fall under the circumstance specified in Article 25(4), or any change to multiple major funders who collectively hold more than 25 percent of its equity interest;
(2) any material amendment of its articles of association, excluding those specified in Article 25;
(3) any planned initial public offering or issuance of additional shares; or any planned initial public offering by a major funder, by any of its other funders holding more than 10 percent of its equity interest, or by any of its actual controllers;
(4) a change to any of its actual controllers or beneficial owners;
(5) a change of more than 3 percent in shareholding ratio by any major funder or by any funder individually holding more than 10 percent of its equity interest; or any planned financing, or any proposed charge, pledge, or custody of the equity interest or major assets of the bank card clearing institution, by the bank card clearing institution and its major funders and any funder individually holding more than 10 percent of its equity interest; or any other similar events, that in each case may materially affect the shareholding structure of the bank card clearing institution;
(6) any material infrastructure changes, including but not limited to a material change to a core service system, the relocation of an infrastructure facility, or a change of the partnering institution or collaboration model specified in Article 39 of this Measures;
(7) engagement in innovative business, engagement in business collaborations with other organizations, or the drafting or amendment of rules that in each case may materially affect its business operations or the payment market; or
(8) any other matter specified by the PBOC that needs to be reported in advance.
Where any of the above circumstances may affect the bank card clearing institution’s eligibility criteria or materially impact the robustness of the payment clearing system, the PBOC may take prudential regulatory measures.
Article 47 A bank card clearing institution shall promptly report to the PBOC within 24 hours by telephone, email, or otherwise, and submit a formal report within 2 days, if:
(1) a major public opinion or mass incident has occurred;
(2) it incurs a significant risk in relation to its business, system, facility, network, data, or otherwise;
(3) any of its directors or officers is involved in an extraordinary circumstance, a criminal case, or otherwise that may affect their normal discharge of duties;
(4) there has been any incident that can materially affect it or the payment clearing system; or
(5) any other reportable matter specified by the PBOC has occurred.
Each branch of a bank card clearing institution shall report the relevant matters to the PBOC branch of its domicile in line with the above requirements.
Article 48 A bank card clearing institution and overseas institution shall submit to the PBOC operational statistics, operational overview, operational management overview, and other necessary information as required and, before the end of March each year, a dedicated report on its bank card clearing operations in the preceding year. The report shall at a minimum contain:
(1) an institutional overview, covering its registered capital; shareholding structure; basic information about its funders, actual controllers, and beneficial owners; organizational structure; and performance of duties by its directors and officers;
(2) an overview of its operational development, covering market expansion, business partnerships, operations and management, pricing and charges, and financial statements;
(3) an overview of its operational management, covering rulemaking, system operations, risk management, network security, and data protection; and
(4) Future development plans.
The bank card clearing institution and overseas institution shall ensure the submitted data, information, and reports are truthful, accurate, timely, and complete, and shall provide explanations on any material changes in a timely manner.
The PBOC will share the information to be reported by bank card clearing institutions under this Measures as needed by the NFRA.
Article 49 Where a risk event affecting the normal operations of a bank card clearing institution or overseas institution or harming the public interest has occurred, the PBOC may require the bank card clearing institution and overseas institution to take actions that help mitigate risks, ensure stable operations, and protect the public interest.
Chapter VI Legal Liabilities
Article 50 A bank card clearing institution will be ordered by the PBOC to complete rectifications by a prescribed date and, in serious circumstances, be sanctioned by the PBOC in accordance with Article 46 of the Law of the People’s Republic of China on the People’s Bank of China, if the bank card clearing institution:
(1) fails to establish and implement the governance structure, rules, standardization system, member institution management framework, internal controls and risk management system, business continuity plan, transaction information management rules, and error and dispute resolution protocols for a bank card clearing institution as required;
(2) fails to report relevant matters, data, or information as required;
(3) transfers, leases, or lends its bank card clearing license to others;
(4) engages in any business that is substantially different from the approved plan for a bank card clearing institution or exceeds the permitted scope;
(5) appoints any director or officer who does not meet the relevant rules;
(6) fails to apply for any proposed changes to its business, to obtain recognition of the qualifications of its directors and officers, or to establish branches in compliance with the relevant rules;
(7) refuses or obstructs inspections or supervision;
(8) restricts card issuers or acquirers from partnering with other bank card clearing institutions;
(9) incurs a material risk in its bank card clearing infrastructure;
(10) restricts or refuses bank card transactions without justification, or suspends or terminates bank card clearing operations;
(11) provides false information or materials or omits material facts in such information or materials;
(12) operates on a system facility or technology that does not meet the relevant management rules;
(13) fails to complete clearing or settlement with member institutions for bank card transactions as required;
(14) fails to migrate the relevant operations of overseas institutions as required;
(15) violates the relevant rules on the processing of Mainland transactions in bank card clearing operations;
(16) violates the rules on registered capital; or
(17) commits any other act that harms the lawful rights and interests of cardholders or merchants, violates applicable clearing rules, or disrupts the bank card market.
Article 51 Any bank card clearing institution or overseas institution that violates provisions regarding anti-money laundering, counter-terrorist financing, or anti-wire fraud will be sanctioned in accordance with the Anti-Money Laundering Law of the People’s Republic of China, Anti-Telecom and Online Fraud Law of the People’s Republic of China, and other relevant provisions.
Any bank card clearing institution or overseas institution that violates the provisions of this Measures regarding information protection, network security, and data security will be sanctioned in accordance with the Personal Information Protection Law of the People’s Republic of China, Cybersecurity Law of the People’s Republic of China, Data Security Law of the People’s Republic of China, and other relevant provisions.
Any bank card clearing institution that violates provisions regarding cross-border RMB movement or foreign exchange management will be sanctioned in accordance with the Law of the People’s Republic of China on the People’s Bank of China, Regulations on Foreign Exchange Administration of the People’s Republic of China, and other relevant provisions.
Article 52 Where a banking institution violates Article 43 of this Measures, the PBOC and the NFRA will, in accordance with their respective statutory mandates, order the banking institution to complete rectifications by a prescribed date, and may impose sanctions in accordance with Article 46 of the Law of the People’s Republic of China on the People’s Bank of China and Articles 46 and 48 of the Law of the People’s Republic of China on Banking Regulation and Supervision.
Any non-bank payment institution that violates Article 43 of this Measures will be sanctioned by the PBOC in accordance with Article 49 of the Regulations on the Supervision and Administration of Non-Bank Payment Institutions.
Article 53 Where an entity or individual engages in bank card clearing, either openly or in disguise, without the approval of the PBOC, or forges or alters bank card clearing licenses, the PBOC will order it to terminate its bank card clearing operations, impose sanctions in accordance with Article 46 of the Law of the People’s Republic of China on the People’s Bank of China and, if the act might constitute a crime, refer the case to judicial authorities for criminal investigation.
Chapter VII Ancillary Provisions
Article 54 In this Measures, “standardization system for bank card clearing” includes the standards for cards, acceptance, information exchange, transaction processing, and information security, among others.
Article 55 In this Measures, “PBOC branches” refers to the PBOC Shanghai Head Office and PBOC branches in all provinces, autonomous regions, municipalities directly under the Central Government, and cities under separate state plan.
Article 56 In this Measures, “core service systems for bank card clearing” refers to the transaction processing system, risk management system, error processing system, information service system, and off-site disaster recovery system, among others.
“Transaction processing system” refers to the bank card transaction switching system and clearing system provided by a bank card clearing institution.
“Risk management system” refers to the system provided by the bank card clearing institution to identify, assess, and control the risks of participants and services in bank card clearing operations.
“Error resolution system” refers to the electronic processing system provided by a bank card clearing institution to enable the submission of erroneous transactions and disputes among member institutions, in order to resolve transaction discrepancies, disputes, and questions.
“Information service system” refers to the auxiliary system of a bank card clearing institution for providing information services to member institutions including intraday transaction inquiry, historical transaction inquiry, transaction statistics, upload and download of clearing files, dissemination of issuing bank’s bank identification number, and exchange rate inquiry and dissemination, among others.
“Disaster recovery system” refers to the backup system set up in advance by a bank card clearing institution to respond to emergencies and disasters.
Article 57 This Measures is subject to the interpretation of the PBOC in conjunction with the NFRA.
Article 58 This Measures takes effect on November 1, 2025. The Administrative Measures for Bankcard Clearing Institutions (Decree No. 2 [2016] of the People’s Bank of China and China Banking Regulatory Commission) expires on the same day.
