The China Banking and Insurance Regulatory Commission (CBIRC) has called for the increased adoption of fintech by the country’s lenders.
A meeting convened by CBIRC head Guo Shuqing during an inspection tour of the Bank of China called for Chinese banks to focus on a range of areas in the near future, chief amongst them the boosting of financial inclusion and the expanded use of fintech.
According to CBIRC Chinese banks need to “actively connect with the data of the relevant government departments, and make comprehensive usage of internal and external data.
“[Chinese banks should] use the internet, big data, artificial intelligence, cloud computing and other new technologies to accelerate the establishment of integrated online and offline service channels.
“[They should] convert to smart examination and approval procedures, diversify post-lending administration and other new service mechanisms, and satisfy the specialist financing service needs of private enterprises and small and micro-enterprises.”