A new report from the Chinese central bank points to progress on a total of 46 projects in the Beijing fintech regulatory sandbox trial.
The “Beijing Municipal Financial Operations Report (2020)” (北京市金融运行报告) released by the People’s Bank of China (PBOC) on 29 May states that “fintech regulatory trials are developing smoothly and the expanded opening of finance is steadily advancing.”
[Beijing’s] fintech innovation regulatory trials are the first undertaken in the whole country and have seen improvements to 46 fintech application projects – their number is the first amongst trial cities.
[Beijing] is taking the lead in exploring the application of artificial intelligence to forex management and cross-border finance blockchain services platform trials, and taking the lead in the implementation of convenience policies for outsourced project offshore forex fund centralised management and cross-border renminbi settlement.
On 5 December 2019 the Beijing municipal financial regulator announced that the Chinese capital was “taking the lead in launching fintech innovation regulatory trials, and exploring the establishment of an accommodating and prudential Chinese-edition ‘regulatory sandbox.’”
On 16 May the Beijing financial authority said that Beijing is currently in the process of advancing a second round of trials, after accepting a first batch of six pilot projects that were announced on 14 January.
PBOC announced in April that fintech regulatory trials in the style of the Beijing pilot would be expanded to a total of six more cities, including Shanghai, Chongqing, Shenzhen, Xiong’an New District, Hangzhou and Suzhou.