Five departments jointly issued a document: promoting cross-border authentication of digital identity and improving the international certification system

On January 22, the People's Bank of China, the Ministry of Commerce, the State Administration of Financial Supervision, the China Securities Supervision Commission and the State Administration of Foreign Exchange jointly issued opinions to align international high standards and promote institutional opening up in the pilot free trade zone (Hong Kong) where conditions permit. Among them, it is proposed to support the development of cross-border digital identity authentication and electronic identification, study and improve the digital identity authentication system in line with international standards, and at the same time facilitate the cross-border flow of financial data and improve the level of free flow of cross-border funds.