•On July 9th, the PRC government implemented the "Procedures on Administration of Online Banking Business".

These Procedures allow banks in China to enter into online banking and financial services for the benefit of their clients. Such service is regulated to monitor the risks of banking operations and to protect the interests of the banks' clients.
The Procedures not only define the requirements to be met in order to offer online banking, but also provide the detailed steps needed to establish such service under regulatory compliance.
Naturally, banks must pay attention to their legal liabilities. These newly-enacted Procedures were formulated based on the "Law of the People's Bank of China" and the "Commercial Banking Law of China." As such, banks are no less liable for their online transactions under the Procedures than they are for traditional transactions under the Commercial Banking Law and the Law of the People's Bank of China. The Procedures simply normalize online banking as one more aspect of traditional banking.
──Eyvona Huang