China's Central Bank Classifies Prepaid Card Business Under Type-II Stored Value Account Operations on July 24

According to Jin10, on July 24, the People's Bank of China released the Management Measures for Type-II Stored Value Account Operations as part of implementing the Non-Bank Payment Institution Supervision and Management Regulations. The new classification framework includes prepaid card issuance and acceptance under Type-II stored value account operations, with specific operational requirements outlined. The PBOC emphasized the need to refine regulatory standards to address emerging practices, innovation, and risk issues in the prepaid card market while fostering healthy industry development.
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