China Wants Greater Say in Formulation of International Standards for Mobile Payments and Digital Currency

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A senior official from the Chinese central bank says China must increase its influence in the formulation of key international standards for the finance and fintech sectors.

Fan Yifei (范一飞), People’s Bank of China (PBOC) deputy-governor, called for greater participation in international standardisation bodies, the adoption of international standards to a greater extent, and a “vigorous increase” in China’s influence in the formulation of international standards for mobile payments, digital currencies and green finance.

“Financial standardisation work serves the creation of a new development situation under which the main focus is domestic circulation, and domestic and international dual circulation expedite each other,” he said.

Fan made the remarks on 30 November at a work meeting of the China Financial Standardisation Technical Committee (全国金融标准化技术委员会).

The PBOC deputy-governor also highlighted a number of ongoing problems with China’s current financial standardisation system, including lack of balance, inadequate financial data standards, and defects with regards to financial standards research bodies as well as a shortage of qualified personnel.

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