The People’s Bank of China (PBOC) plans to launch new indices on fintech development in order to expedite the growth of the sector.
PBOC spokesperson Luo Yanfeng (罗延枫) said that the central bank plans to release the “Fintech Development Indices” (金融科技发展指标) at the Financial Street Forum (金融街论坛) scheduled for 21 – 23 October in Beijing.
The Indices will be based upon the “Fintech Development Plan (2019 – 2021)” (金融科技（FinTech）发展规划（2019—2021年）) released by PBOC in August 2019, with the goal of “forming a set of scientific, comprehensive and quantitative fintech development assessment benchmarks that can be promoted in China and even the rest of the world, in order to standardise fintech data collation and testing of outcomes.”
China’s Fintech Development Indices will be comprised of three main indices – an organisation index, an industry index and a regional index.
Luo said that the release of the Indices will serve to “serve as a reference for optimising the strategic deployment of fintech, strengthening rational application of fintech, energising increases in the quality and efficiency of financial services, strengthening financial risk prevention capability, and fortifying the foundational support for fintech.
“[It] will provide an important foundation for China’s fintech planning and policy formulation.”