Tech firms dealing with Chinese banks face tough new rules

Tech firms dealing with Chinese banks face tough new rules

New Chinese regulations mean that tech firms hoping to sign up the country's banks as customers will have to turn over their code, agree to audits and build back doors into their hardware and software.

The rules, set out in a document, were established late last year as part of a wider cybersecurity initiative from the Chinese government.

In a letter to the Communist Party committee on cybersecurity American business groups, including the US Chamber of Commerce, called the regulations intrusive and raised the spectre of protectionism.

The letter asks for a delay in implementation of the rules and an "opportunity for discussion and dialogue for interested stakeholders with agencies responsible for the initiatives," according to the BBC.

Continues the letter: "The domestic purchasing and related requirements proposed recently for China's banking sector... would unnecessarily restrict the ability of Chinese entities to source the most reliable and secure technologies, which are developed in the global supply chain."

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