Chinese Central Bank Flags Mass Standardisation Drive for Fintech and Digital Renminbi

A senior official from the People’s Bank of China (PBOC) said that the authority will drive the development of broad range of new standards for the Chinese fintech sector as well as the digital renminbi.

Yang Fuyu (杨富玉), secretary of the financial standardisation committee of PBOC, said on 21 October that the central bank was currently in the process of further strengthening the top-level design of financial standardisation, and will work with other authorities to draft a financial standardisation development plan for the term of the 14th Five Year Plan.

Its standardisation campaign will include:

1. Steadily driving the development of fintech standards; strengthening the formulation of financial sector application standards for cloud computing, blockchain, artificial intelligence, biometrics, Internet of Things and secure multi-party computation.
2. Steadily advancing the formulation of statutory digital currency standards; establishing and improving infrastructure standards for statutory digital currency; researching and formulating standards for statutory digital currency in areas including basic data, information security, operations applications, end-terminal technology, assessment and testing.
3. Systemic improvement to standards for financial data as a factor of production; accelerating the development of standards for financial data asset rights, transaction and circulation, cross-border transmission and secure protection; improving the system of standards for financial big data, formulating standards for the models, basic data and algorithm assessments for financial data applications; formulating standards for the collection of data on interbank client transaction conduct and interbank market trading data.
4. Strengthening financial network security standards defence and protection; improving financial sector key information infrastructure protection standards; strengthening the development of standards for internet security capability assessment, risk inspections security and security preventative measures; accelerating the development of standards for commercial code applications and open source security and protection.