A senior figure from a leading Chinese think tank says that regtech has become essential to effective financial regulation.
Yang Zaiping (杨再平), vice-secretary of the China Society for Finance and Banking (中国金融学会), said that financial regulators need to make greater use of regtech, because of the new types of organisations and businesses that are emerging in the wake of fintech’s breakneck development.
Yang made the remarks on 30 August at the launch of the Chinese-language version of CoinDesk in Beijing.
“Fintech’s development has broken through borders…if regulators do not grasp the series of information technologies arising from digital technology, they will definitely be unable to regulate [them] effectively.
“Regulators will need to have advanced regulatory methods…[they] need to adopt digitised regulatory methods.”