Subscribe / Unsubscribe Enewsletters | Login | Register

Pencil Banner

China resumes drafting its bank IT policy

Nurdianah Md Nur | Aug. 26, 2015
The CBRC will be discussing the new version of the rules with Microsoft, IBM and Cisco next month.

The China Banking Regulatory Commission (CBRC) has resumed drafting a set of banking technology regulations after suspending them earlier this year, reported Reuters.

Last September, the CBRC proposed rules that demanded Chinese banks to only use "safe and controllable" technologies. This meant that banks were encouraged to buy more domestic IT tools while Western tech vendors were required to disclose their source code if they sold their products to Chinese lenders.

Due to the strong protests from the US government and business groups, the rules were put on hold in April. CBRC is now looking to discuss the new version of the rules with several Western tech companies -- including Microsoft, IBM and Cisco -- next month.

While CBRC has not disclosed details on the new rules, they are reportedly in line with the advice provided by China's Ministry of Commerce and the World Trade Organisation. This will ensure that the new rules will not violate China's free trade obligations. 

 

Sign up for CIO Asia eNewsletters.