A new government report highlights changes to the application of regtech in the Chinese finance sector.
The “China Fintech Security Development Report 2020” (中国金融科技安全发展报告2020) said that “regtech is gradually shifting from compliance management to active prevention and control.”
“Following the continual advance of the opening up of China’s financial services sector…strengthening of overall planning, prevention and control of systemic financial risk and ensuring the secure and healthy development of finance has become even more important.
“The more open and innovative that finance becomes, the more emphasis must be placed on financial security.”
The Report was drafted by National Internet Finance Association of China and the Beijing Local Financial Supervision and Administration Bureau, and was released on 8 September in Beijing.
Its authors called for “further improvement to fintech security legal systems, and making relevant legal systems a core part of financial infrastructure development.”
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