Vice-chair of the People’s Bank of China Fan Yifei (范一飞) has hailed the changes wrought by the latest fintech innovations in the Chinese banking sector at a meeting of an industry awards committee.
Speaking at a meeting of the Bank Tech Development Awards Assessment Leadership Team Meeting (2017年度银行科技发展奖评审领导小组会议) convened in Beijing on 12 September, Fan said that fintech innovations are currently changing the face of the Chinese banking sector.
According to Fan the next step would be to actively explore innovations with respect to models, mechanisms and applications, while firmly guarding the “financial risk redline” and upholding differentiated and unique development strategies.
Fan said that the Chinese banking sector needed to prioritise the research and development of key and fundamental technologies, as well as raise their technological innovation capabilities.
The meeting selected 140 award-winning projects from more than 70 institutions, with a total of five projects obtaining first-grade honours, including:
- Bank of China’s “BOC Group Full Quota Management and Control System” (中银集团全额度管控系统);
- The Shanghai Stock Exchange’s “China Bills Transaction System” (中国票据交易系统);
- Industrial and Commercial Bank of China’s “Independent Innovation Global Financial Market Intensive Operations Management and Pre-control System” (自主创新的全球金融市场集约化运营管理及事前控制系统);
- Agricultural Bank of China’s “Independent Controllable Big Data Platform” (自主可控大数据平台);
- The Digital Currency Research Institute’s “Statutory Digital Currency Model and Reference Framework Design” (法定数字货币模型与参考架构设计).
China Construction Bank’s “Core System Establishment Project” (核心系统建设工程) also received a special distinction.