19 January 2018
visit www.ebaday.com

China revives controversial bank procurement rules - Reuters

25 August 2015  |  5387 views  |  0 Chinese flag

International tech vendors could face difficulty selling to Chinese banks after Reuters reported that the Chinese government is set to revive controversial cyber security rules that limits the amount of technology that Chinese banks can buy from overseas vendors.

Officials from the China Banking Regulatory Commission (CBRC) summoned a number of Western tech companies including Cisco, IBM and Microsoft earlier this month to inform them of its plans and to solicit comment about the return of the proposed bank procurement rules.

The original regulations, released back in January, required international tech firms to release secret source code and agree to audits before they could sell software to Chinese banks.

The measures were belived to be sparked by concerns over the NSA cyber spying scandal but they met with fierce oppostion from the US government and accusations of protectionism. They were eventually dropped in April only to be revived now, just prior to a first state visit to Washington from China president Xi Jinping.

International tech vendors make millions from selling software and hardware to state banks in China however these figures have fallen in recent months. And even if the proposed procurement rules are eventually relaxed, vendors are concerned that China's banks will be unofficially discouraged from buying foreign IT equipment, says Reuters.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Tech firms dealing with Chinese banks face tough new rules

Tech firms dealing with Chinese banks face tough new rules

30 January 2015  |  7962 views  |  0 comments | 19 tweets | 5 linkedin
China bans banks from bitcoin transactions as Wall Street wades in

China bans banks from bitcoin transactions as Wall Street wades in

05 December 2013  |  8266 views  |  7 comments | 9 tweets | 6 linkedin
China stops MasterCard processing renminbi transactions

China stops MasterCard processing renminbi transactions

03 June 2013  |  6554 views  |  0 comments | 7 tweets | 5 linkedin
US files WTO case against China over access to card market

US files WTO case against China over access to card market

17 September 2010  |  9053 views  |  0 comments
China moves to regulate non-bank online payment providers

China moves to regulate non-bank online payment providers

22 June 2010  |  8953 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comvisit www.fivedegrees.nlvisit www.vasco.com

Top topics

Most viewed Most shared
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
11213 views comments | 32 tweets | 38 linkedin
Crypto mining threatened by power capacity concernsCrypto mining threatened by power capacity...
10330 views comments | 17 tweets | 18 linkedin
Wells Fargo to close 900 branchesWells Fargo to close 900 branches
9935 views comments | 14 tweets | 16 linkedin
KFC introduces Bitcoin BucketKFC introduces Bitcoin Bucket
9397 views comments | 18 tweets | 16 linkedin
FinTech Scotland appoints new CEOFinTech Scotland appoints new CEO
8481 views comments | 8 tweets | 6 linkedin

Featured job

Competitive base + commission + benefits
London, UK

Find your next job