One of China’s top tertiary institutions has called for the establishment of a specialised personal data system in order to expedite the use of big data by the domestic fintech sector.
The “Platform Fintech Company Regulatory Report” (平台金融科技公司监管研究) was jointly issued by the People’s Bank of China School of Finance at Tsinghua University and the China Wealth Management 50 Forum on 10 June.
The Report calls for Chinese fintech platforms to “deeply study and create customer images of the data produced by users online.”
In order to facilitate such data usage however, the Report calls for “exploring the establishment of a personal data account system,” in order to balance data protection with data usage.
This system would help to protect the data security of users, as well as their right to know about, allocate and benefit from the usage of their data.
The Report also recommends the formulation of basic standards for the development of a personal data account system by the Chinese government, alongside a nationwide “regulatory big data platform.”
With regard to regulation of fintech platforms, the Report calls for the use of “innovative” administrative methods, such as a graded licensing system, alongside anti-trust regulation targeting inappropriate business conduct, and stronger guidance and regulation of corporate governance, enterprise culture and social responsibilities.