China: Ministry of Finance Notice on Accelerating the Digital Development of Bank Confirmations (Finance and Accounting [2025] No. 10) enters into force

On 30 April 2025, the Financial Supervision Administration and the Ministry of Finance issued the Notice on Accelerating the Digital Development of Bank Confirmations (Finance and Accounting [2025] No. 10). The notice aims to implement national requirements for financial and accounting oversight and promote the digitalisation of bank confirmations through the establishment of a digital confirmation system. It outlines measures related to the development and security of bank confirmation platforms, the establishment of a digital standards framework, and data governance arrangements. Additional provisions address procedures for requesting and responding to confirmations, pricing structures, audit-related digital services, enterprise authorisation processes, and the expansion of applicable use cases. The notice also sets out organisational responsibilities, self-regulatory roles for industry associations, and communication procedures among banking institutions, accounting firms, and platform operators. The notice entered into force upon publication.