China’s Peak Online Finance Body Establishes Fintech R&D Committee

The peak body for online finance in China has unveiled a new initiative to drive domestic fintech research and development undertakings.

On 24 January the National Internet Finance Association of China (NIFA) announced that it had convened the inaugural 2019 work meeting of the Fintech Development and Research Specialist Committee (金融科技发展与研究专业委员会) on 21 January in Beijing.

According to NIFA the goal of the committee is to “further strengthen exchange and cooperation in the field of fintech; raise the development level and research quality of fintech, drive the industry to abide by the core intention of servicing the real economy, and achieve standardised, healthy and sustainable development.”

NIFA head Li Dongrong (李东荣) said that move corresponds to the needs of circumstance, and follows the establishment of a preceding fintech development and research work team by the association in 2017.

“The launch of the specialist committee will help to form a multi-party research cooperative venture; build a high-efficiency communications bridge, and drive the implementation of the fruits of research.”

Huang Yiping (黄益平), head of the Digital Finance Research Centre at Peking University, will chair the specialist committee, while Guo Weimin (郭为民), general head of the Bank of China Internet Finance Department, will serve as vice-chair.

Other committee members are reportedly drawn from traditional financial institutions, fintech companies, information services organisations and research and consulting bodies.

Following its inaugural work meeting the next step for the specialist committee will be the creation of a “think-tank-style , specialised integrated platform that jointly expedites service of the real economy by fintech and raises the quality and efficiency of financial services,” with a particular focus on digital financial inclusion, digitisation of the financial sector and secure and compliant fintech applications.

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