The People’s Bank of China (PBOC) has just revealed what areas of fintech policy and regulatory work it plans to emphasise in 2020.
A recent meeting of PBOC’s Fintech Committee (人民银行金融科技委员会) held in Beijing stressed that in 2020 Chinese regulators will uphold the “two hand seizure” of development and regulation, as well as drive the “stable, long-distance” growth of fintech.
The meeting highlighted six key areas of focus for PBOC’s fintech regulatory efforts in particular:
- Tracking the implementation of development plans, guiding financial institutions to hasten systemic reforms, making further use of the vital role of technology and data as factors of production, helping to resolve the problem of micro and small-enterprise financing being expensive and difficult, strengthening the ability of finance to service the real economy.
- Strengthening financial data management, accelerating the secure sharing of enterprise-related data, expediting the effective integration and standardised usage of data resources, raising the financially inclusive service capability.
- Expanding fintech regulatory strength, unveiling a series of fintech regulatory rules covering areas including personal financial information protection and the blockchain; employing the roles of standardised regulation and inspection and certification, and establishing the “four defence lines” for fintech innovation regulation, covering sector regulation, social monitoring, self-disciplinary associations and institutional self-regulation.
- Strengthening the establishment of digitised regulatory capability, establishing multi-tier, systematic fintech risk management systems, strengthening trend detection, analytical assessment and pre-warning disposal levels for risk.
- Driving full coverage of financial app regulatory filing, standardising open application interface management, and raising the secure application level of online financial service channels;
- Driving the integration of the production and usage of finance and technology, strengthening key joint technological breakthroughs and results conversions for the finance sector, raising the ability of the financial sector with regard to the application of advanced information technologies, and injecting innovative vigour and technological vigour into the high-quality development of finance.
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