Coronavirus Is Driving Fintech and Regtech Adoption: CBIRC

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A senior official from the China Banking and Insurance Regulatory Commission (CBIRC) says efforts to mitigate the impacts of the novel coronavirus outbreak are a boon for fintech and regtech adoption.

Ye Yanfei (叶燕斐) from CBIRC’s policy research department said that the coronavirus has become a major driver for the adoption of fintech and regtech in China.

Ye made the remarks at a press conference held by the State Council in Beijing on 24 February.

The regulator called for Chinese financial institutions to strengthen their own in-house fintech capabilities, as well as research and development investment and technical expertise.

Ye also said that Chinese financial institutions should strengthen data sharing, while regulatory departments should be “fully approving” of the legality and compliance of electronic forms, images, seals and data.

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