Chinese Central Bank Touts Fintech’s Potential Amidst “Digital Metamorphosis”

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The Chinese central bank has lauded the promise of fintech amidst China’s efforts to establish itself as a leading digital and internet power.

“Under the guidance of state strategy for the establishment of a great internet nation, a digital China and a smart society, fintech has great promise for development,” said Li Wei (李伟), head of the People’s Bank of China’s (PBOC) fintech department at the 19th China Fintech Development Forum (十九届中国金融发展论坛).

According to Li the financial sector is undergoing “digital metamorphosis,” with financial institutions using big data, cloud computing and artificial intelligence to create new business models, products and services.

Li said that information technology has emerged as a key driver for the implementation of financial inclusion, spurring consumer demand and the development of the digital economy.

“Over the past several years, a new revolution in technology and industry has brought unprecedented opportunities for fintech development…PBOC will strengthen guidance and support of the financial sector, and push for fintech to achieve further progress in this new era.”

Chen Liwu (陈立吾), vice-head of PBOC’s fintech department, said that the Chinese central bank will work with the finance sector to nurture a healthy environment for fintech development; establish improved policies, regulations infrastructure and benchmarks, and create a healthy and sustainable fintech ecosystem.

According to Chen PBOC has designated three key areas of emphasis for upcoming fintech work, including safeguarding and grasping the development direction of fintech; strengthening data security management, and strengthening internet and information safety.

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