A new bank regulation was introduced in 2017 to assist with the overuse of debit accounts in China. This regulation would also go on to reduce the commonly recognised crimes of Money Laundering and Telecommunication Fraud. The C392 allows each individual to have 3 types of debit accounts, each for their own purposes:
The restrictions of each of the account types can offer opportunities to banks by allowing them to establish a client base online and further develop their business. This has been done by including numerous incentives such as coupons or cash discounts for clients to sign up their Type 1 account with apps that allow a “Quick Pay” option with their Type 2 account.
The ‘Bank Account Type’ report looks to further explore the impact that the different types of accounts has on individuals and their lifestyle, as well as how it really helps prevent crime in order to benefit society.
New Bank Account Types Report Details: