On March 11, under the guidance of the Hangzhou Branch of the People’s Bank of China, Ant Group’s Alipay (China) has officially released a list of national, industry, group and enterprise standards that its products and services comply with, becoming the first payment institutions to disclose the information, according to the website of the National Technical Committee of Standardization of Finance. 

Consumers can access the full list at any time to understand the standards of products and services and protect their rights and interests. In addition, the online banking service, initiated by Ant Group, has also taken the lead in announcing the standard list. 

According to the financial regulations of the Bank of China, in accordance with the characteristics of financial products or services, banks and payment institutions shall disclose the numbers and names of mandatory standards, recommended standards, group standards or enterprise standards implemented by financial products or services to their consumers in a timely, truthful, accurate and comprehensive manner.  

Consumers now can log in to the Alipay service platform to learn the product and service standards as well as professional terminology, which helps to improve the quality of financial services and protect the legitimate rights and interests of financial consumers. 

Since last year, Ant Group was reported to have launched the consumer protection initiative “Ant 315”, launching a total of more than 30 measures in 6 different aspects, including platform responsibility, product experience, standardization of platform marketing, attention to special groups and privacy protection. The standard list of products and services is also one of the actions of “Ant 315”.