The Shenzhen office of the China Banking and Insurance Regulatory Commission (CBIRC) has launched a new initiative to drive regtech development and applications within the southern Chinese tech hub.
Shenzhen’s banking authority said that it had recently overseen the official launch of the Smart Inspection Laboratory (智能检查实验室), marking a “firm step in the application of regtech.”
“The Smart Inspection Laboratory integrates resource advantages within the department, and endeavours to develop outstanding, highly pragmatic, targeted and broadly applicable models and model development tools,” said the Shenzhen banking authority.
“It also provides data and technical support to the relevant on-site inspections, off-site regulation, market entry and full-scale needs of the entire department, while also effectively performing full department data management and technical training.
“The Shenzhen banking and insurance regulatory department will use the Smart Inspection Laboratory as an entry point for the continual exploration of paths for achieving the invigoration of regulation using technology.”