A senior official from the People’s Bank of China (PBOC) said that China’s fintech sandboxes will both cleave to international standards as well as possess its own unique and distinctive features.
Li Wei (李伟), head of PBOC’s tech department, said that China’s “fintech innovation regulatory tools” will both dovetail with international practices as well as possess clear Chinese characteristics.
According to Li while these “fintech innovation regulatory tools” are not officially referred to as “regulatory sandboxes,” they possess many features in common with the regulatory sandboxes of other countries.
These include providing a real market where risk is controlled, under the precondition of “accommodating and prudent regulation” as well protection of the rights and interests of consumers; support for exploration and implementation of innovative products by financial institutions, as well as the prompt discovery and avoidance of product defects and hidden risk.
Li made the remarks on 21 December at the 2019 China Financial Association Annual Conference (中国金融学会学术年会会议).
“Finance and technology have never been separated, but have always had a reciprocal function and developed jointly,” said Li.
“Fintech has already become a key driving force for the business transition and growth of financial institutions,” said Li.
“Consumers are making greater requirements with regard to safety, convenience and inclusion when it comes to financial innovation.”