The business regulation department for the People’s Bank of China (PBOC) recently convened a meeting for the launch of fintech innovation regulatory trials in Beijing.
PBOC’s business regulation department convened the “Beijing Fintech Innovation Regulatory Trial Work Launch Meeting” (北京市金融科技创新监管试点工作启动会) on 23 December, according to an announcement posted on its official website on 6 January.
The meeting arrived less than a month after the Beijing municipal financial regulator announced on 5 December via its official website that the Chinese capital was “taking the lead in launching fintech innovation regulatory trials, and exploring the establishment of an accommodating and prudential Chinese-edition ‘regulatory sandbox.’”
According to PBOC the latest meeting had the goal of “properly performing Beijing fintech innovation regulatory trial work, exploring flexible regulatory methods for open app information, product notifications and social supervision, and guiding licensed financial institutions in undertaking innovative fintech applications under the precondition of lawful compliance and the protection of consumer rights and interests.”
Yang Weizhong (杨伟中), chair of PBOC’s business regulation department, said that the advance deployment of fintech innovation regulatory trials in Beijing would have major significance for the establishment of a world-class fintech ecosystem in the city, and the formation of a fintech sector that wields global influence.
Yang said that the Beijing fintech innovation trial plan would be comprised of “one organisation framework, two basic principles, three support methods and four work mechanisms,” and involve dovetailing with international practices.