PBC published a statement on the Financial Technology Committee meeting, which was held in Beijing. The statement summarizes work done in 2019 in the area of fintech and discusses the key work plans of PBC for 2020. In 2019, PBC has strengthened top-level design and integrated guidance via its Fintech Development Plan (2019-2021), improved the basic rule system for fintech regulation, and developed inclusive and prudent tools for regulation of fintech innovation. During the meeting, it was emphasized that, in 2020, development and regulation should be focused on to achieve steady and sustainable progress in the area of fintech.
The following are the key work plans for 2020:
- Track the implementation of the Fintech Development Plan, guide financial institutions to accelerate institutional reforms, advance digital transformation, further bring into play the important role of production factors, and help alleviate the problem of financing difficulties for small and micro-enterprises
- Enhance financial data governance to promote the secure sharing of enterprise-related information, facilitate the effective integration and legitimate use of data resources, and improve the capability of financial services to benefit the people
- Strengthen supervision of fintech by introducing a series of fintech supervision rules in areas such as personal financial information protection and blockchain
- Strengthen the digital supervision capabilities and improve the multi-layered and systematic financial technology risk governance system for the identification, analysis, assessment, and early-warning and mitigation of risks
- Standardize open application program interface management and improve the level of security application of online financial service channels
- Strengthen the joint research and commercialization of key technologies in the financial industry, enhance the application ability of advanced information technology in the financial industry, and inject innovative vitality and technological momentum for high-quality financial development
Keywords: Asia Pacific, China, Banking, Fintech, Work Plan, Governance, Fintech Committee, Regtech, Blockchain, PBC
Previous ArticleIFSB Publishes FAQs for Four Islamic Finance Standards
ECB published Guideline 2021/975, which amends Guideline ECB/2014/31, on the additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral.
EIOPA published a report, from the Consultative Expert Group on Digital Ethics, that sets out artificial intelligence governance principles for an ethical and trustworthy artificial intelligence in the insurance sector in EU.
HKMA published the seventh and final issue of the Regtech Watch series, which outlines the three-year roadmap of HKMA to integrate supervisory technology, or suptech, into its processes.
EC launched a targeted consultation to improve transparency and efficiency in the secondary markets for nonperforming loans (NPLs).
BIS, Danmarks Nationalbank, Central Bank of Iceland, Norges Bank, and Sveriges Riksbank launched an Innovation Hub in Stockholm, making this the fifth BIS Innovation Hub Center to be opened in the past two years.
FDITECH, the technology lab of FDIC, announced a tech sprint that is designed to explore new technologies and techniques that would help expand the capabilities of community banks to meet the needs of unbanked individuals and households.
EC released the EU Taxonomy Compass, which visually represents the contents of the EU Taxonomy starting with the EU Taxonomy Climate Delegated Act.
FDIC is seeking comments on a rule to amend the interagency guidelines for real estate lending policies—also known as the Real Estate Lending Standards.
EIOPA published its annual report, which sets out the work done in 2020 and indicates the planned work areas for the coming months.
The ESRB paper that presents an analytical framework that assesses and quantifies the potential impact of a bank failure on the real economy through the lending function.