Five departments jointly issue document: Promote cross-border digital identity authentication and improve international authentication system

The People's Bank of China, the Ministry of Commerce, the State Administration of Financial Supervision, the China Securities Regulatory Commission and the State Administration of Foreign Exchange jointly issued opinions to link up with international high standards in conditional pilot free trade zones (ports) and promote institutional opening. Among them, it is proposed to support the development of digital identity cross-border authentication and electronic recognition, research and improve the digital identity authentication system that is in line with international standards, while facilitating the cross-border flow of financial data and enhancing the level of free flow of cross-border funds.