Featured Product

    PBC Fintech Committee Outlines Work Plans for 2020

    December 30, 2019

    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

    Related Articles

    EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.

    June 21, 2022 WebPage Regulatory News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.

    June 16, 2022 WebPage Regulatory News

    UK Authorities Issue Regulatory and Reporting Updates for Banks

    The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.

    June 15, 2022 WebPage Regulatory News

    BaFin Consults on Resolvability Requirements for Resolution Planning

    The Federal Financial Supervisory Authority of Germany (BaFin) proposed to amend the “Capital Investment Conduct And Organization Ordinance” and issued a draft circular on the minimum resolvability requirements for resolution planning.

    June 10, 2022 WebPage Regulatory News

    EBA Consults on Certain Standards and Guidelines Under CRR and BRRD

    The European Banking Authority (EBA) proposed guidelines, for the resolution authorities, on the publication of the write-down and conversion and bail-in exchange mechanic, with the comment period ending on September 07, 2022.

    June 08, 2022 WebPage Regulatory News

    OJK Publishes Regulatory Updates for Financial Sector Entities

    The Financial Services Authority of Indonesia (OJK) is strengthening cooperation with the Australian Prudential Regulation Authority (APRA) and the Japanese Financial Services Agency (JFSA)

    June 03, 2022 WebPage Regulatory News

    EU Publishes Rules on DLT and Data Governance

    The European Parliament and the Council published Regulation 2022/868 on European data governance (Data Governance Act).

    June 03, 2022 WebPage Regulatory News

    EBA Publishes Phase 2 of Reporting Framework 3.2

    The European Banking Authority (EBA) published phase 2 of its reporting framework 3.2. The technical package supports the implementation of the updated reporting framework by providing standard specifications

    June 03, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8267