The payment institution was fined 2.26 million for violating the law丨 Square's parent company faces a consumer protection investigation

Guided tour ZFZJ.CN today

● Shangmeng Business Service Company was fined 2.26 million yuan for violating the law

●Ant Group's privacy calculator passed the first financial-grade evaluation

●Industrial Bank suspended debit card express/gateway payment business with 8 payment institutions

●.....

PAY NEWSZFZJ. CN

No.1

Block faces a U.S. consumer protection investigation for cash apps

Block Inc., the parent company of Square, a digital payments company run by CEO Jack Dorsey, is under investigation by the Consumer Financial Protection Bureau and multiple state attorneys general about its Cash App service.

Block disclosed in a recent regulatory filing that it had received "requests from the Consumer Financial Protection Bureau (CFPB) and attorney generals of multiple states for information related to the cash app's handling of customer complaints and disputes."

No.2

The Fed will establish an evaluation framework for payment requests from fintech companies

The Federal Reserve Board of the United States consulted on its recent supplementary recommendations. The proposal is intended to help the Reserve Bank evaluate requests made by institutions with new banking licenses, such as fintech companies, to use their payment systems. The Fed will introduce a tiered system to assess requests based on the level of risk posed by companies. Institutions offering new financial products have emerged in recent years, with many requiring access to accounts and payment services provided by the Federal Reserve Bank. The evaluation framework is based on the May 2021 proposal and applies to all accounts.

No.3

SPDB cooperated with Shenyang Metro to launch a subway brush face riding system

Recently, the Shenyang Metro Face Brush Ride System jointly developed by spouting bank Shenyang Branch and Shenyang Metro Group was officially launched, and passengers can easily complete payment through face recognition. Since the system was launched, a large number of citizens have registered their face information through the Shengjingtong APP and enjoyed the convenient services brought by financial technology.

No.4

Fintech company Xen Capital

Raised more than $7 million

Fintech company Xen Capital has revealed that it raised $7.5 million in its latest Series A funding round.

The round was led by Headline Asia (formerly Known as Infinity Ventures).

Xen Capital is the first fintech company to offer a licensed alternative investment market. Fortune Advisors has its own branded client website that includes virtual data rooms, electronics subscriptions, digital KYC/AML introductory methods, and reporting modules.

No.5

Societe Generale

Suspended debit card express/gateway payment business with 8 payment institutions

On March 7, Industrial Bank issued a notice on its official website about suspending the debit card express/gateway payment business between some payment institutions and the bank. It said that due to no transactions for more than 6 consecutive months, after consensus, the bank will suspend cooperation with the debit card express/gateway payment business of some third-party payment companies from March 15, 2022.

Industrial Bank said that after the suspension of business cooperation, the IB debit card held by the customer will not be able to handle the express/gateway payment business of the above-mentioned payment company.

No.6

The people's courts severely punish crimes of infringing personal information, such as stealing and reselling identity cards

According to the work report of the Supreme People's Court, in the past year, the people's courts have maintained the security of citizens' personal information, severely punished various crimes of infringing on citizens' personal information, such as stealing and reselling identity cards, address books, courier slips, WeChat accounts, patient information, etc., and concluded 4,098 related cases, an increase of 60.2% year-on-year. Strictly punish the "internal ghosts" in the industry for leaking personal information in accordance with the law. Severely punish the use of malicious programs, phishing fraud and other forms of illegal acquisition of personal information, try cases of "face value detection" software stealing personal information, and punish crimes in the online black and gray industry chain.

No.7

People's Bank of China:

The RENMINBI has become the largest cross-border settlement currency in the Guangdong-Hong Kong-Macao Greater Bay Area

According to the official website of the People's Bank of China, the People's Bank of China and relevant departments jointly issued the Opinions on Financial Support for the Construction of the Guangdong-Hong Kong-Macao Greater Bay Area, which facilitates financial integration, serves the needs of entities, benefits the well-being of the people, and fully supports the high-quality development of the Guangdong-Hong Kong-Macao Greater Bay Area. By the end of 2021, nearly 1,000 high-quality enterprises have enjoyed policy dividends, and the scale of cross-border RMB settlement in the Greater Bay Area will reach 3.8 trillion yuan in 2021, making RMB the largest cross-border settlement currency in the Greater Bay Area.

By the end of 2021, Hong Kong and Macao residents have witnessed the opening of 180,000 personal accounts in the mainland through agents, with a cumulative transaction amount of 6 billion yuan. Focusing on convenient mobile payment, we will promote the Hong Kong and Macao version of the "Cloud Flash Payment" wallet, Alipay (Hong Kong) e-wallet, WeChat (Hong Kong) e-wallet, BOC Macau Mobile Banking and Macau Pass Mpay Wallet to enter the Greater Bay Area, focusing on creating a number of mobile payment cross-border application projects such as the Hong Kong-Zhuhai-Macao Bridge and entry visa payment. By the end of 2021, the five wallets have accumulated about 9.26 million transactions, with an amount of about 1.5 billion yuan.

No.8

Shangmeng Business Service Company was fined 2.26 million yuan for violating the law

Chinese the administrative penalty information disclosure form recently disclosed on the website of the Hangzhou Central Branch of Minmin Bank (Hangzhou Bank Penalty Word [2022] No. 11, Hangzhou Bank Penalty Word [2022] No. 13) shows that Shangmeng Business Service Co., Ltd. violated the relevant regulations on payment and clearing management; failed to perform customer identification obligations in accordance with regulations, and failed to submit suspicious transaction reports in accordance with regulations.

The then deputy general manager (co-general manager) of Shangmeng Business Services Co., Ltd. was responsible for the following violations of laws and regulations of the company: violation of the relevant regulations on payment and clearing management, and failure to perform customer identification obligations in accordance with the regulations.

The Hangzhou Central Branch of Chinese Min Bank warned Shangmeng Business Service Co., Ltd. to confiscate 29,600 yuan of illegal gains and imposed a fine of 2.23 million yuan, for a total of 2,259,600 yuan; xu Ming was warned and fined 60,000 yuan.

Relevant information shows that Shangmeng Business Service Co., Ltd. is 100% owned by Zhejiang Shangmeng Technology Co., Ltd.

No.9

WeChat Pay HK "Ride Code" was officially announced

Recently, the WeChat Pay HK "Ride Code" function has recently been officially launched.

According to reports, all WeChat Pay HK users can use the "ride code", the "ride code" Mini Program supports the MTR heavy rail network (except for the airport express station), scanning the boarding code can enter and exit the gate. Users only need to open WeChat Pay HK, scan the ride code when entering and leaving the MTR gate, and the corresponding fare can be automatically deducted.

No.10

In the fourth quarter of 2021, the CBRC and its dispatched agencies received and forwarded a total of 90,595 consumer complaints from the banking industry, an increase of 3.8% from the previous quarter

According to the Circular on Consumer Complaints in the Banking Industry in the Fourth Quarter of 2021 issued by the Consumer Rights and Interests Protection Bureau of the China Banking and Insurance Regulatory Commission, in the fourth quarter of 2021, the CBRC and its dispatched agencies received and forwarded a total of 90,595 consumer complaints in the banking industry, an increase of 3.8% over the third quarter of 2021. Among them, 27,737 large state-owned commercial banks were involved, a decrease of 1.1% month-on-month, accounting for 30.6% of the total number of complaints; 33,017 joint-stock commercial banks, an increase of 2.1% month-on-month, accounting for 36.4% of the total number of complaints.

No.11

Ant Group's privacy calculator passed the first financial-grade evaluation

Recently, Ant Group's privacy computing machine passed the evaluation of the National Financial Technology Evaluation Center (BCTC), which was carried out from three parts: functional test, information security test and performance efficiency test, and carried out comprehensive and rigorous technical testing of 83 functions such as trusted platform, trusted execution environment, security container, and algorithm acceleration. This is the first financial-grade evaluation passed by Ant Group's privacy computing machine, which means that Ant's privacy computing machine has reached the financial level of application.

No.12

South Korea passed the Telecommunications Amendment Act

It is forbidden for Apple and Google Tosse stores to force the use of their own payment methods

South Korea's Communications Commission said on Tuesday it had approved a legal rule banning dominant app stores such as Apple and Alphabet's Google, forcing software developers to use their payment systems, which will take effect next Tuesday (15th). The chairman of the committee, Han Sang-hyuk, said that in order to prevent indirect circumvention of supervision, the types and standards of prohibited acts have been strictly formulated within the scope of the law.