China Actively Exploring Development of Fintech Regulatory System: PBOC Vice-governor Chen Yulu
The Chinese central bank says it’s currently in the process of developing a foundational regulatory system for the fintech sector.
Chen Yulu (陈雨露), vice-governor of the People’s Bank of China (PBOC), said that China is “currently actively exploring the development of regtech methods, the establishment of a basic rules system for fintech regulation, and formulating better policies for fintech development.”
Chen made the remarks on 6 November at the fintech forum held as part of the 2019 China International Import Expo.
The remarks from Chen arrive just following the release by PBOC of a list of 11 fintech product types requiring certification, including apps, barcode processing terminals, cloud computing platforms and fingerprint identification systems.