In a previous post, I was talking of the so-called decadence card, which is part of the problems in the e-payment industry in China. Companies that are providing e-payment services are not registered as financial institutions, therefore, they are not subject to the same People’s Bank of China (PBOC) regulations on financial institutions. However, their [...]
The charge card industry in China is worth hundreds of billions of RMB a year, operating on the margin of the jurisdiction of the People’s Bank of China (PBOC). The card issuing companies are not registered as financial institutions, therefore, are not subject to the same regulations as financial institutions. The cards come in different [...]
Financing has always been a hard problem in China, especially for small and medium businesses. It is understandable that banks are reluctant to lend to small businesses, as credit evaluation system is almost nonexistent, although governments at different levels have been trying to establish some kinds of measures and evaluation mechanisms. Businesses may need an [...]
Someone who is not yet familiar with the Chinese banking industry recently asked me what is the role of China UnionPay, as he sees the logo on credit cards, debit cards, ATMs, etc. After explaining to him, I realised it might a good idea to put it here, in case someone might find it useful. [...]
As IC card’s use becomes more widespread, and even more are used for transaction, authentication, data encryption and decryption, key management of a distributed IC card system becomes a critical security issue. Although the traditional way of asymmetric key management and exchange is more secure, however, it is more complicated to manage, and requires more [...]