China’s fintech regulatory sandboxes have just seen their first set of innovation projects successfully complete testing, less than two years after the launch of the initiative.
Three of the fintech projects were backed by Chinese banks, while three were situated in Beijing, and one was developed on the opposite side of the country in the southern Chinese tech hub of Shenzhen.
First Round of China’s Fintech Sandbox Innovation Projects to Successfully Complete Testing
|1||Product tracing certification management and supply chain finance based on the Internet of Things technology||Industrial and Commercial Bank of China||Beijing|
|2||Industry financial services based on the blockchain||Bank of China||Beijing|
|4||Baihang Credit Credit Inclusion Services||Baihang Credit||Shenzhen|
In early 2020 China commenced the launch of fintech regulatory sandboxes in cities around the country, starting with the national capital of Beijing.
Che Ning (车宁), deputy chair of the Sustainable Development Research Centre at the China University of Political Science and Law, said to state-owned media that after a year of testing the unveiling of the first set of innovations to complete testing indicated that China’s fintech regulatory sandboxes had “reached the final mile.”
Su Xiaorui (苏筱芮), senior analyst with Yiguan, said that China’s fintech innovation regulatory sandboxes had reached “maturity,” and were gradually entering the applications stage.
“In future it’s expected that they will bring greater value to operations procedures and scenarios,” said Su.