Chinese Central Bank to Launch Fintech Subsidiary in Shanghai

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The People’s Bank of China (PBOC) has flagged the launch of a new fintech subsidiary in the financial hub of Shanghai.

Li Wei (李伟), head of PBOC’s fintech department, said that its new subsidiary would include a data centre and other infrastructure to support efforts to transform the city of Shanghai into a fintech centre.

Li made the remarks at the 12th Lujiazui Forum in Shanghai on 19 June.

Shanghai is one of seven cities participating in fintech sandbox regulatory trials in China, and commenced work on its own pilot scheme in May.

“We support trials for the exploration of fintech innovation regulatory tools in Shanghai and other locations,” said Li.

“In this regard, we feel that Shanghai must derive assistance from technologies such as big data and the blockchain during the trial process, and strengthen or advance the creation of a market transaction reporting data exchange platform, and by means of the management and control of data raise the ability and level to prevent and control risk.”

PBOC governor Yi Gang said the day previously that Shanghai was currently in the process of becoming a fintech centre, while Li Wei highlighted four conditions for Shanghai achieving international competitiveness in this regard, including a modern financial market environment, strong tech innovation capability, a professional services ecosystem and complete regulatory policy support.

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