News this week: China’s Ministry of Commerce (MOFCOM) has released a set of guidelines overseeing third-party payment systems for e-commerce industry in a 16-page publication (only available in Chinese). MOFCOM states that the aim of the regulations is to have “fair, honest and safe” transaction platforms. Key points include:
- Third-party payment service providers with daily transactions exceeding US$15 million are required to maintain a back-up system in multiple locations to prevent loss of data in the case of a disaster.
- E-commerce third-party payment service providers must store their online transaction data for a minimum of two years.
- Provider must also not disclose online transaction data to third parties - except as otherwise stipulated by law.
According to MOFCOM, the value of China’s B2C e-commerce transactions in 2010 were over US$616 billion.
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