The People’s Bank of China (PBOC) has outlined its focal points for fintech development policy in 2022 at a recent meeting of its fintech committee.
The meeting convened by PBOC deputy governor Fan Yifei (范一飞) highlighted the following work points:
- Effectively performing promotion and interpretation of the new phase of policies and plans. Performing tracking and monitoring and demonstration guidance. Undertaking financial digitisation transformation upgrade projects, establishing a mature financial digitisation capability assessment system and outstanding implementation cases. Strengthening international cooperation and exchanges and driving financial digitisation from multiple breakthroughs to deep development in a new phase.
- Establishing and improving fintech ethical regulatory frameworks and systems. Strengthening tech ethical risk early warnings, and guiding institutions in performing their duties in ethical governance. Pragmatically protecting the rights and interests of consumers and servicing the real economy.
- Deepening the usage of fintech regulatory sandboxes. Strengthening the digital channel management of commercial bank financial services. Researching the development of smart algorithm information disclosures, risk assessments and other mechanisms. Continuing to upgrade regulatory unification, specialisation and comprehensiveness.
- In-depth implementation of demonstration projects for using fintech to drive rural village revitalisation, and trials for the comprehensive application of financial data. Make rational usage of digital technology to improve the digital financial inclusion services system. Striving to close the digital divide between demographic groups, institutions, and urban and rural areas.
- Strengthening the development of digitised regulatory capability. Improving fintech risk databases, and making use of regtech methods to improve the foresight, accuracy and effectiveness of policy.