China suspended bank-technology rules following complaints from the US government and business groups, the Wall Street Journal reported, citing an official notice.
The notice says rules aimed at improving banking technology security have been suspended until further notice as authorities seek feedback from the lenders, according to the report.
“To promote the steady and reasonable work on banking-industry information safety, the guidelines will be revised and perfected, after which they will be reissued for implementation,” the China Banking Regulatory Commission and the Ministry of Industry and Information Technology were quoted as saying in the joint notice.
James Zimmerman, chairman of the American Chamber of Commerce in China, told the Journal that the group welcomes “any opportunity for a transparent and open dialogue between interested global stakeholders and the government agencies responsible for this and other similar initiatives”.
An executive at one of China’s largest state-owned banks was quoted as saying that the suspension shows that “regulators realized that banks can’t just replace these foreign servers overnight”.
Business groups in the US, Europe and Japan had complained that Beijing’s new rules aimed at ensuring cyber-security would effectively cut foreign technology companies out of the market.
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