China: Regulators reluctant to allow online bank account creation

Chinese Regulators Put Brakes on Facial-Recognition for Payment (PYMNTS.com)

Currently, in China, a customer must physically appear at a bank to have his or her identity verified by an employee before he or she can open an account. There is a push in the industry, the report points out, for facial-recognition software to replace the need for a customer’s physical presence to conduct banking business.

China seems to be drawing a regulatory distinction between what ID requirements should be in place in order to open a bank account versus what ID requirements banks can use for authenticating transactions.