PBC released its Fintech Development Plan (2019—2021), which outlines guidelines, basic principles, development targets, key tasks, and supportive measures for fintech development in the next three years. As the plan envisions, by 2021, PBC will institute a sound fundamental framework for fintech development supported by multiple pillars; the pillars involve further enhancing technological application in the financial sector; achieving in-depth integration and coordinated development of finance and technology; elevating public satisfaction via digital, Internet-based, and intelligent financial products and services; and promoting the fintech development in China to be world-leading.
Through these efforts, the aim is to secure the progressive and controlled application of fintech, achieve steady enhancement of financial service capacities, realize marked improvement of financial risk control, ensure continuous boosting of financial regulation efficiency, and realize constant improvement of fintech in supporting the real economy. The plan has laid down six key tasks:
- One task is to strengthen the strategic deployment of fintech, improve forward-looking top-level design, identify fintech development trends, and concentrate on coordinated planning, optimize systematic arrangement, and build talent.
- The plan calls for proper fintech applications and suggests the important role of key breakthroughs to drive overall development.
- It seeks enhanced quality and efficiency of financial services.
- The plan highlights the need to enhance technological capacity in preventing financial risks. It calls for efforts to properly handle the relationship between security and development and leverage fintech to identify, curb, and tackle cross-market, cross-industry, and cross-regional financial risks against strengthened control of cyber-security risks and the protection of financial information; the aim is to guard against risks related to the application of new technologies and firmly defend the bottom line of preventing systemic financial risks.
- The fintech development plan proposes to strengthen fintech regulation via building a sound system of fundamental fintech regulatory rules, accelerating the formulation, monitoring, analysis, and assessment of such rules. Exploring innovative management mechanisms for fintech, facilitating integrated statistics for the financial sector, and making financial regulation more professional, unified, and penetrating.
- It makes a point of consolidating basic support for fintech, continuously improving fintech ecosystem, optimizing relevant governance systems, and taking appropriate steps in the fields of technology, laws and regulations, credit services, standards, and consumer protection to drive the healthy and orderly development of fintech.
Keywords: Asia Pacific, China, Banking, Fintech, Development Plan, Governance, Cyber Risk, PBC
Previous ArticleDonald Kohn of BoE Speaks on Use of Macro-Prudential Policy Tools
OSFI has set out the near-term priorities for federally regulated financial institutions and federally regulated private pension plans for the coming months until March 31, 2022.
Under the Italian G20 Presidency, BIS Innovation Hub and the Italian central bank BDI launched the second edition of the G20 TechSprint on the lookout for innovative solutions to resolve operational problems in green and sustainable finance.
EBA proposed the regulatory technical standards on a central database on anti-money laundering and countering the financing of terrorism (AML/CFT) in EU.
ECB published its response to the targeted EC consultation on the review of the bank crisis management and deposit insurance framework in EU.
ACPR published Version 1.0.0 of the RUBA taxonomy, which will come into force from the decree of January 31, 2022.
BCBS, CPMI, and IOSCO (the Committees) are inviting entities that participate in market infrastructures and securities markets through an intermediary as well as non-bank intermediaries to complete voluntary surveys on the use of margin calls.
ECB published Decision 2021/752 to amend Decision 2019/1311 on the third series of targeted longer-term refinancing operations or TLTRO III.
The Central Bank of Ireland published Version 2.7 of the draft credit data template and rules for monthly AnaCredit reporting by banks.
OSFI proposed revisions to the Basel Capital Adequacy Reporting (BCAR) and leverage requirements returns for the 2023 reporting, with the comment period ending on July 09, 2021.
EBA published a discussion paper on review of the standardized nonperforming loans (NPL) transaction data templates, along with the proposed revised NPL data templates.