China’s central bank has formed a new committee dedicated to research and policy formation in relation to the burgeoning FinTech sector.
The People’s Bank of China notes that while FinTech has the potential to inject new life into the development of the financial sector, it also brings new challenges to financial security.
The explicit purpose of the new committee established by the PBOC is to “strengthen FinTech research plans and overall coordination,” as well as conduct “in-depth research into the impact of FinTech upon monetary policy, financial markets, financial stability, payment and clearance and other areas, and pragmatically produce FinTech development strategy plans and policy guidance for China.”
The PBOC FinTech Committee will also seek to “further strengthen Sino-foreign interaction and cooperation, establish healthy FinTech innovation management mechanisms that suit China’s national circumstances, properly handle the relationship between security and growth, and guide the correct usage of new technologies in the sphere of finance.”
PBOC also envisages strengthen application of RegTec, and the use of big data, cloud computing, and artificial intelligence to improve its regulatory capabilities.