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At a time when digital technology and finance are accelerating
their integration, with innovation becoming the dominant theme, how can we
promote the steady and sustainable development of digital finance along the
path of the rule of law? Behind the convenient and efficient digital financial
services, how should we ensure transaction security and the legitimate rights
and interests of consumers? Recently (on December 9), Shanghai Pudong New Area
People's Court (hereinafter referred to as “Pudong New Area People's Court”)
held a press conference on the 30th floor of Jinmao Tower at the "Judges'
Studio for Financial Dispute Resolution of Pudong Court, Lujiazui Financial
City". It released the Circular on the Trial of Commercial Cases
Involving Digital Finance (2022-2025) and 10 typical cases, addressing
cutting-edge issues in the development of digital finance through the judicial
system and injecting stronger legal momentum into supporting Shanghai into an
international financial center.
At the conference, Bao Yehong, Member of the Leading Party
Members' Group and Vice President of Pudong New Area People's Court, reported
on the new situations and measures in the trial of commercial cases involving
digital finance over the past four years, while Yu Tao, Chief Judge of the
Financial Division, introduced 10 typical cases. The press conference was
chaired by Yan Jianyi, Deputy Director of the Political Department and
spokesperson of Pudong New Area People's Court. Some district deputies to the
people's congress, representatives from financial institutions, and journalists
from central and Shanghai media outlets attended the conference.
The Number of Cases Accepted Has
Doubled, with Financial Institutions Being Extensively Involved In Litigation
In October 2023, the Central Financial Work Conference included
digital finance in central documents for the first time, explicitly proposing
to vigorously develop digital finance. In November 2024, seven departments
including the People's Bank of China issued the Action Plan for Promoting
the High-Quality Development of Digital Finance, emphasizing the
significance of digital finance in building a financial powerhouse and
consolidating and expanding China's advantages in the digital economy. In March
2025, the General Office of the State Council issued the Guiding Opinions on
Promoting the "Five Major Tasks" of Finance, making systematic
arrangements for promoting the high-quality development of finance, including
digital finance. In October 2025, the Fourth Plenary Session of the 20th
Central Committee of the Communist Party of China made strategic deployments
for deepening the construction of a digital China and accelerating the building
of a financial powerhouse during the "15th Five-Year Plan" period, once
again emphasizing the need to vigorously develop digital finance.
The commercial cases involving digital finance reported at this
press conference refer to those arising from financial institutions providing
digital financial services and conducting digital financial transactions
relying on digital technologies such as artificial intelligence, big data,
blockchain, and cloud computing, covering areas such as digital credit, digital
wealth management, digital insurance, digital payment, and electronic bills.
The white paper indicates that from 2022 to September 2025,
Pudong New Area People's Court accepted over 50,000 commercial cases involving
digital finance, with the number of cases increasing year by year.
Specifically, the number of cases accepted in the first three quarters of 2025
doubled compared to the total number of cases in 2022, reflecting the
simultaneous increase in the high activity level of digital finance and the
demand for judicial safeguards.
In terms of case types, as digital financial services continue
to expand, the cases basically cover the main causes of financial commercial
disputes. Among them, disputes over financial loans, claims for recourse, and
financing lease are the most prevalent, collectively accounting for over 80% of
the total.
Among the parties involved in litigation, on the one hand,
various financial institutions are widely involved, with insurance companies,
banks, and financial leasing companies being more prominent. Online insurance
claims disputes and digital credit defaults have become the main causes. On the
other hand, among non-financial institution parties, inclusive financial
disputes involving micro and small enterprises, individual businesses, and
individuals account for a relatively large proportion, while also covering
multiple fields such as technology finance, green finance, and pension finance.
Overall, commercial cases involving digital finance exhibit
characteristics such as an increasing proportion of cases, prominent
platform-based features of disputes, rapid growth in the scale of cross-border
financial disputes, strong demand for the protection of financial consumers'
rights and interests, and an increase in cases initiated by non-financial
institutions, posing higher requirements for the governance system.
Judicial Coordination Safeguards
High-Quality Development
Combining the circumstances of case trials, the white paper
summarizes and outlines some issues existing in the current development of
digital finance.
From the perspective of industrial development, the supply of
digital financial products needs to be improved. For example, the demand for
precise and personalized financial product services has not been fully met,
nested digital financial products pose compliance risks, and there are shortcomings
in personal information protection in the digital finance field.
From the perspective of consumption scenarios, there are issues
such as inadequate performance of the duty of disclosure and explanation by
some financial institutions, elderly financial consumers being trapped in an
"information silo," and insufficient protection of financial
consumers' right to know. The protection of financial consumers' rights and
interests remains a top priority.
From the perspective of technological innovation, new
transaction models bring new forms of risks, such as security safeguards for
online contracting, risks in online loan transactions, and the review and
identification of illegal financial transactions. The prevention and resolution
of financial risks need further improvement.
Bao Yehong stated that in the face of these new situations and
challenges, it is urgent for government departments, regulatory agencies,
business entities, financial consumers, judicial authorities, and other parties
to work together to promote the high-quality development of digital finance
through measures such as improving the digital governance system, optimizing
the supply of financial products, enhancing financial consumption literacy, and
strengthening judicial service safeguards.
With the continuous growth in judicial demand for digital
finance, the transformation and upgrading of the diversified dispute resolution
mechanism for disputes involving digital finance are particularly important.
The white paper suggests adhering to and developing the "Fengqiao
Experience" in the new era. By innovating and improving mechanisms such as
"demonstrative judgments + entrusted mediation + judicial
confirmation," "prior mediation + notarization with enforceable effect,"
and "evaluation and suggestions for financial dispute mediation," it
continuously promotes the front-end prevention and efficient resolution of
financial risks.
10 Typical Cases Provide Rule Guidance
At the conference, Yu Tao released 10 typical commercial cases
involving digital finance, covering key areas such as the determination of the
validity of electronic signatures, the examination of evidence stored on
blockchain, the standardization of online insurance application processes, and
personal information protection, providing rule guidance for market business
entities and financial consumers.
In one "unauthorized credit card use" case, Li's
credit card was repeatedly used for "fraudulent transactions"
overseas despite the fact that he hadn't left the country and the card remained
in his possession. The people's court determined that the time, location,
amount, and method of the transactions were clearly inconsistent with Li's
usual consumption habits, and the public security authorities also identified
them as “unauthorized credit card use." The court ruled that Li was not
liable for the fraudulent transactions, and the credit card center was ordered
to remove Li's adverse credit record. This case clarified the judicial
determination standards for new types of online cross-border “unauthorized
credit card use," emphasizing that card-issuing banks and payment
institutions should assume higher security safeguard obligations in digital
payment scenarios, effectively protecting the rights and interests of financial
consumers.
In another case, 62-year-old policyholder Zhang purchased a
wealth management insurance policy through a bank's self-service terminal.
After Zhang's death, the insurance company refused to pay the claim on the
grounds that Zhang had not truthfully disclosed his medical history. The
people's court held that the terminal's "special notice" bundled all
inquiry items together and set them to be confirmed with a single click, which
was a flawed design. Additionally, the insurance company did not retain evidence
proving the specific content of the inquiries. The court ruled in favor of the
policyholder, ordering the insurance company to pay the claim. This case
clarified that in electronic insurance sales, the insurer should bear the
burden of proof regarding the content of inquiries and gave special attention
to the elderly, urging financial institutions to optimize their age-friendly
service processes.
Furthermore, Pudong New Area People's Court, under the guidance
of higher courts, has promoted the deep integration of blockchain technology
with judicial practice. In one case, a bank pre-stored data such as electronic
loan contracts formed through online contracting on the "Pujiang Digital
Chain" using blockchain technology and used cross-chain collaboration
technology to exchange evidence with the people's court's "Judicial
Chain" during litigation. The court actively explored examination rules
for electronic data evidence involving blockchain "on-chain evidence
storage and cross-chain verification" during the case trial, further
improving the efficiency and quality of trials for digital financial disputes.
Finally, reporters asked questions about the background
considerations of the press conference, the main issues in the development of
digital finance, and the judicial safeguard measures taken by the people's
court, and the relevant responsible persons provided detailed answers.
[Representative Comments]
Zhang Xuchun, Deputy to Shanghai Pudong New Area People's
Congress, Member of the Legislative Affairs Commission of the District People's
Congress
The Circular on the Trial of Commercial Cases Involving
Digital Finance released by Pudong New Area People's Court systematically
sorted out the types and characteristics of digital finance cases in recent
years and put forward relevant suggestions, providing precise legal guidance
for the digital finance industry and clarifying the safety bottom line for
digital finance innovation. The released typical cases involve judgment rules
for new types of legal issues such as electronic signatures and blockchain
evidence storage, enhancing the stability of market expectations. These
excellent judicial practices of Pudong New Area People's Court not only
strengthen the legal foundation of digital finance but also support the
construction of Shanghai as an international financial center through
"judicial empowerment," injecting new momentum into the development of
the digital finance industry.
上海市浦东新区人民法院涉数字金融商事案件审判情况通报（2022年—2025年）.pdf
上海市浦东新区人民法院涉数字金融商事审判典型案例（2022年-2025年）.pdf
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