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
    News

    EBA Updates List of Validation Rules for Reporting by Banks

    EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.

    September 10, 2020 WebPage Regulatory News
    News

    EBA Responds to EC Call for Advice to Strengthen AML/CFT Framework

    EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).

    September 10, 2020 WebPage Regulatory News
    News

    NGFS Advocates Environmental Risk Analysis for Financial Sector

    NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.

    September 10, 2020 WebPage Regulatory News
    News

    MAS Issues Guidelines to Promote Senior Management Accountability

    MAS published the guidelines on individual accountability and conduct at financial institutions.

    September 10, 2020 WebPage Regulatory News
    News

    APRA Formalizes Capital Treatment and Reporting of COVID-19 Loans

    APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.

    September 09, 2020 WebPage Regulatory News
    News

    SRB Chair Discusses Path to Harmonized Liquidation Regime for Banks

    SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.

    September 09, 2020 WebPage Regulatory News
    News

    FSB Workshop Discusses Preliminary Findings of Too-Big-To-Fail Reforms

    FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.

    September 09, 2020 WebPage Regulatory News
    News

    ECB Updates List of Supervised Entities in EU in September 2020

    ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.

    September 08, 2020 WebPage Regulatory News
    News

    OSFI Identifies Focus Areas to Strengthen Third-Party Risk Management

    OSFI published the key findings of a study on third-party risk management.

    September 08, 2020 WebPage Regulatory News
    News

    FSB Extends Implementation Timeline for Framework on SFTs

    FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.

    September 07, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5796