People’s Bank of China Plans to Become “Digital Central Bank,” Lead Accelerated Application of Fintech

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The People’s Bank of China (PBOC) has unveiled ambitions to become a “digital central bank,” as well as further drive the application of fintech within the Chinese financial sector.

PBOC convened its 2019 technological work meeting in the south-western city of Guiyang on 18 April, with the theme of “Adjusting to New Conditions, Welcoming New Challenges, Composing New Chapters” (顺应新形势 迎接新挑战 谱写新篇章).

The meeting called for “accurately seizing the new demands of fintech development, comprehensively raising technological support capability, and striving to play the role of technological guidance.”

PBOC plans to drive the establishment of itself as a “digital central bank,” highlighting four key points in particular:

  1. Vigorously strengthening technological resource integration, deeply undertaking big data application promotion, continuing to drive structural transition and optimisation, and striving to create a modern central bank technological system;
  2. Guiding and coordinating fintech application. The establishment of a basic rules system for fintech regulation, strengthening the standardised application of fintech, accelerating the application and implementation of regtech, researching and unveiling fintech development plans.
  3. Strengthening fintech standardised regulation coordination ability, driving upgrades in the financial regulation level, strengthening the standardised supply of finance, vigorously seizing standardised implementation of finance.
  4. Firmly guarding the baseline of security, continuing to strengthen the “three defence lines;” properly performing preparation and guidance of financial sector online security and systemic risk prevention and control by PBOC, hastening the establishment of a financial sector online security status monitoring and information sharing platform.

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