July 27, 2018 / 12:23 PM / in 10 months

China steps up management of cross-border financial network and information services

BEIJING, July 27 (Reuters) - China’s central bank on Friday issued a notice to increase oversight over cross-border financial network and information services.

The notice said that any overseas financial network and information service providers must submit information to the People’s Bank of China 30 business days before providing services to domestic financial institutions.

The PBOC says the new measures are meant to maintain financial network safety and prevent financial risks.

Overseas service providers must report details of services provided in China, including names of clients and services provided, and also follow all Chinese domestic rules and regulations safety, the PBOC notice said.

Reporting by Beijing Monitoring Desk

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