CBIRC Calls for Big Chinese Banks to Provide Risk Control Technology to Smaller Lenders


The China Banking and Insurance Regulatory Commission (CBIRC) has called for the country’s large-scale lenders to help their smaller peers to improve risk control measures by providing related technological services.

CBIRC recently issued the “Guidance Opinions Concerning Banking and Insurance Sector Digital Transformation” (关于银行业保险业数字化转型的指导意见), which states that “driving the digital transformation of banking and insurance institutions is one of the key drivers of achieving the high-quality development of finance.”

CBIRC said that it would “encourage large-scale banks to accelerate the delivery of risk control tools and technology to small and medium-sized banks,” in order to shore up the overall risk control capabilities of the Chinese financial sector.

CBIRC will also encourage the “rational usage of technologies including the Internet, blockchain, big data, cloud computing and artificial intelligence, to expand the ecosystem scenarios for digitised financial operation.”