Central Bank Highlights Progress on 46 Fintech Sandbox Projects in Beijing

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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. 

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