The China Banking Regulatory Commission (CBRC) issued two circulars (Circulars No. 39 and No. 317) in 2014 regarding the use of ‘secure and controllable IT’, which require banks to strengthen their stance on cyber security. The issuance of these circulars will likely result in significant changes in the composition of technologies for banks in China.
Under the guidance of various policies and supervision, relevant stakeholders, including financial institutions, technology firms, research institutes, industry alliances and technology service firms, will need to amend their business strategy in order to cope with the new requirements.