Twenty-five Chinese banks this past week signed the "Digital Certificate Cooperation Agreement" with the China Financial Certification Authority (CFCA), a third-party certification organization, agreeing to adopt the latter's digital certificate for their online banking services.
From now on, users can apply for such a digital certificate from any of the 25 banks, and the certificate will not only ensure their online transaction security, but also allows unlimited sums for their online payments.
In addition, CFCA will compensate users if their account funds have been stolen. According to Li Xiaofeng, general manager of CFCA, CFCA will compensate enterprise users as much as CNY800000 and individual users a maximum of CNY20000 upon such cases.