China News Service, Shenzhen, November 10th, Title: Communications: Shenzhen companies write Chinese payment standards into the world
China News Service reporter Wang Hua
The 33rd Asia-Pacific Economic Cooperation (APEC) Informal Leaders' Meeting will be held in Shenzhen in 2026. This "miracle city" attracts global attention and welcomes more overseas passenger flows. Will these guests from all over the world adapt to China's cashless society from being accustomed to paying by credit card or cash? Jiang Han, vice chairman of Shenzhen New Guodu Co., Ltd., said there is no need to worry because China's payment standards have been written into the world.
The picture shows the New Guodu Exhibition Hall, displaying POS machines of various periods and different versions. Photo courtesy of Xinguodu
Shenzhen Xinguodu Co., Ltd. (referred to as: Xinguodu) is the world's leading digital payment technology company, with operations in more than 100 countries and regions. Jiang Han, the company's vice chairman, recently introduced to a reporter from China News Service that Xinguodu has two major businesses: payment terminal equipment manufacturing, with an annual output of more than 10 million POS machines, most of which are exported overseas; and payment settlement business. "From an adherent of international standards to a participant in the formulation of international standards, both businesses have achieved breakthrough results."
PCI certification is proof of compliance that a business meets the Payment Card Industry data security standards. Certifications such as PCI are international standards that payment terminal equipment manufacturers must comply with if they want to join international bank card organizations. Xinguodu is deeply involved in every version upgrade of the PCI standard.
According to Jiang Han, Xinguodu has communicated with the PCI Standards Committee and third-party security laboratories to jointly create the certification standard for MPOC (PCI commercial off-the-shelf mobile payment global security standard); in January 2024, it successfully won the world's first MPOC software product certification certificate.
In the formulation of standards for payment terminal security and digital RMB hard wallets, Xinguodu has also achieved "from product output to rule co-construction." Specific solutions absorbed by the standard include: the protection strength of the device startup trust root key, the system firmware signature scheme, the strength of the key string, the high-strength key injection scheme, etc.
Especially in the process of digital renminbi going overseas in Southeast Asia, where there are multiple currencies, multiple local payment networks, and multiple regulatory agencies, Xinguodu cooperated with China UnionPay and local acquirers to complete terminal adaptation and interconnection transformation, and moved the domestic large-scale scenario verification scheme overseas to create a replicable regional model, thus forming international rules.
Jiang Han believes that when we closely follow international standards and launch products as soon as possible, provide successful practical solutions, and provide timely feedback on high-quality suggestions, we can gain the attention of international standardization organizations and seek our opinions when formulating or upgrading standards. This is the path from "conforming to standards" to "participating in setting standards" with high-quality and efficient "Made in China" and "China Solutions".
"The significance of participating in the formulation of international standards is that we can know the future development direction; we can promote China's voice and China's solutions globally." Jiang Han also mentioned that Chinese enterprises represented by Shenzhen enterprises face technical, procedural and trust thresholds when participating in the formulation of international standards. Trust, in particular, takes time to accumulate, and overseas Chinese affairs resources play an important role.
Jiang Han said, “When we develop international markets, our first priority is to cooperate with local overseas Chinese resources, such as chambers of commerce, overseas Chinese leaders, overseas Chinese businessmen, etc. They have a thorough understanding of local politics, economy, culture and even financial regulatory rules. More importantly, they can find the business resources we need.”
It is understood that in some overseas areas, Xinguodu does not directly develop business, but cooperates with local overseas Chinese to set up factories, jointly open companies or authorize agents. "We will adopt different cooperation methods according to the characteristics of each country and region. This close cooperation with overseas Chinese affairs resources allows us to quickly occupy overseas markets." Jiang Han said, hoping that Chinese overseas companies can move from product export to rule export, have a certain say in international competition and rule formulation, turn Chinese manufacturing into international standards, and lead the development of the international market. (over)
