Chinese Central Bank’s Fintech Committee Calls for Use of Big Data and Blockchain to Strengthen Digital Regulation
The People’s Bank of China (PBOC) has stressed the need to employ the latest regtech methods for the prevention of risk in the Chinese financial sector.
The PBOC Fintech Committee recently convened its first meeting for 2020 in Beijing, where it outlined key points for upcoming policy.
In a speech delivered at the meeting PBOC deputy-governor Fan Yifei (范一飞) called for “strengthening the implementation of regtech applications, and actively employing big data, artificial intelligence, cloud computing the blockchain and other technologies to strengthen digital regulatory capabilities.”
PBOC will “continually strengthen financial risk prevention capability, and raise the level of specialisation, unification and penetration of regulation, in order to contribute greater technological strength to effectively waging the war against financial risk.”
“[We] will make full use of the domestic and external strengths of the central bank system to undertake deep fintech research, strengthen the dovetailing of research results with regulatory, application and standardisation work, and provide a theoretical foundation for fintech regulation.”
The Committee meeting pointed out that China’s “Fintech Development Plan (2019 – 2021) calls for the creation of a fintech development indices system, and guiding the accelerated digital transformation of Chinese financial institutions.