Chinese Central Bank Launches Trials for Integrated Application of Financial Data Using AI and IoT

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The People’s Bank of China (PBOC) has kicked off pilot schemes around the country for the integrated application of financial data via the use of emerging technologies.

The financial data integrated application trials (金融数据综合应用试点) launched in multiple locations around China including Beijing, Jiangsu, Zhejiang, Shandong, Henan, Hubei, Hunan, Guangdong, Guangxi, Chongqing, Sichuan, Guizhou, Gansu and Xinjiang, with the participation of commercial banks, clearing houses and non-bank payments platforms.

According to PBOC’s official news publication the goal of the trials is to “explore the application of artificial intelligence, big data, the Internet of Things and other next generation information technologies; drive the high-efficiency handling and secure sharing of financial data; achieve cross-tier, cross-organisational, cross-sector integrated data applications, fully stimulate the potential of data as a factor of production, and endeavour to raise the core competitiveness of finance and its ability to benefit the people and bring profit to enterprises.

More specific goals of the trials include:

  1. Strengthening data capabilities. Establish a full life-cycle data management ecosystem, and establish integrated data platforms that support information collation, model processing and algorithmic analysis. Effectively perform data categorisation, raise the level of the efficient application and refined management of data, strengthen the quality, ease of use and security of data.
  2. Expediting standardised sharing of data. Fully employ the sharing hub function of a national, integrated administrative services platform, and employ technologies including secure multi-party computation, federated learning and alliance chains to achieve standardised data sharing between multiple parties, and ensure that “data can be used but cannot be seen” (数据可用不可见), and “value moves but data does not” (数据不动价值动).
  3. Deepen integrated application of data. Strengthen the integrated application of data between the financial and public services spheres; use data and technological methods to engage in the innovation of financial products and services that directly reach the real economy. Invigorate the high-quality development of smart finance, financial inclusion, green finance and rural village finance.
  4. Raise digital risk control levels. Strengthen regtech applications, make use of cross-domain data to enrich risk characteristic dimensions and optimise risk assessment models. Strengthen multi-channel risk condition detection, integrated analysis and assessment and differentiated handling capability. Raise the level of digitisation and smart conversion of financial risk prevention and control.

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