Chinese Central Bank Outlines Six Key Points for Fintech Work in 2021

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The People’s Bank of China (PBOC) has assembled a list of key focal points for its fintech policy efforts in 2021.

PBOC’s Fintech Committee recently convened a meeting in Beijing to review fintech-related work in 2020 as well as conduct research into key work missions for 2021.

The meeting called for “deepening fintech data applications as a foundation, strengthening fintech regulation, accelerating the mainlining of financial digital transformation, establishing risk resistance capability as a safeguard, and comprehensively raising the level of fintech application and regulation.”

Key measures outlined by PBOC’s Fintech Committee included:

  1. Unveiling fintech development plans for a new phase. Accelerating the drive for financial digitisation and transformation, employing the role of the twin drivers of “technology + data,” and helping to establish a modern financial system which adapts to the growth of the digital economy.
  2. Improving basic rules and standards for fintech regulation. Driving the establishment of an ethical regulation system for science and technology in the financial sphere, and strengthening prudential regulation of innovative fintech activity.
  3. Unveil guidelines for the establishment of financial sector data capabilities. Organise and undertake comprehensive application trials for fintech data, and endeavour to effectively regulate, apply and protect data.
  4. Implement demonstration projects for invigoration of rural village revival using fintech. Accelerate the establishment of an unimpeded financial services system, work hard to bridge the digital divide between different regions and demographics, pragmatically resolve the problem of imbalanced and inadequate fintech development.
  5. Deepen regtech application. Drive the establishment of a national fintech risk monitoring centre, establish a risk-linked prevention-linked control system.
  6. Fully make use of forces within and outside the system. Strengthen research into foundational theory, key areas and critical technologies for fintech.

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