Banking Regulator Hails Fintech Adoption by Chinese Lenders

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Wang Zhaoxing (王兆星), vice-chair of the China Banking and Insurance Regulatory Commission (CBIRC), has hailed efforts by Chinese lenders to adopt the latest fintech innovations.

Speaking at the 4th meeting of the 7th grand members assembly of the China Banking Association, Wang hailed the Chinese banking sector’s efforts to embrace the latest fintech developments.

“The banking sector itself is expanding investment in fintech,” said Wang. “More and more banks are focusing on the development of information technology, as well as extending fintech applications to every link of the industry chain, and even achieving key revolutions in some business areas.”

Wang pointed out that the average away-from-counter rate for the Chinese banking sector has surged since the start of the decade, rising from 45.2% in 2010 to 87.58% in 2017.

The CBIRC regulator further revealed that the banking sector’s cloud computing capability is improving, with 16 financial institutions establishing financial cloud companies as of September last year, to be used for  undertaking wholesale cloud services for the key information systems of Chinese banks,.

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