Chinese Central Bank Flags Formulation of New Fintech and Blockchain Standards

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The People’s Bank of China (PBOC) says it’s working on a total of 17 new fintech standards for technologies including the blockchain, as part of efforts to improve its fintech regulatory system.

At the 2019 Banking Digitization Transformation Summit (2019银行数字化转型高峰论坛) held in Beijing on 5 December, Yang Fuyu (杨富玉), a senior official with PBOC’s tech department, said that standardisation-based leadership was urgently needed to improve digital banking transformation and the modernisation of industry chains in China.

To this end Yang said that PBOC is currently in the process of arranging for the research and development of a total of 17 fintech standards, covering areas including artificial intelligence, the blockchain, big data and cloud computing.

Yang also revealed that PBOC is working with groups including the China Financial Computerisation Corp and the China Financial Certification Authority on digital identification trials based on Legal Entity Identification (LEI) technology, and welcomed the active support and participation of China’s commercial banks.

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