The central Chinese mega-city of Chongqing hopes to shore up its status as a leading hub for China’s fintech sector with the establishment of a National Fintech Certification Centre.
The Chongqing office of the Chinese central bank recently issued the “Opinions Concerning Driving Fintech Application and Development” (关于推进金融科技应用与发展的指导意见), outlining a “development blueprint” for the regional fintech sector.
The Opinions seek to drive the broader application of information technologies including artificial intelligence, big data, cloud computing and the blockchain to Chongqing’s financial sector.
The Opinions call specifically for “solidifying the support system for fintech development” via the establishment in Chongqing of:
- The National Fintech Certification Centre (国家金融科技认证中心),
- The Chongqing Municipal Financial Big Data Services Centre (重庆市金融大数据服务中心).
The National Fintech Certification Centre will serve to “train up authoritative professional certification organisations, create fintech product, services and management certification systems; provide fintech certification and fintech standardisation services, and pragmatically increase the compliance and security of fintech innovation standards.”
The Centre will also explore cooperation on international fintech certification with Belt and Road nations, and the gradual expansion of China’s influence in the fintech sector.
The Chongqing Municipal Financial Big Data Services Centre will “drive the integration of finance with the big data sources of other sectors, establish healthy data integration application mechanisms and data security protection systems; formulate data integration application benchmarks and standards, achieve full-municipality in-depth usage of public service data, financial institution transaction data, and enterprise and individual economic behavioural data.”
It will also “explore the establishment of cross-regional data resource sharing service systems, connection of data ‘islands,’ and firming up of the data foundations for fintech innovations.”