Featured Product

    Fintech Committee of PBC Outlines Work Plans for 2021

    February 02, 2021

    The Fintech Committee of PBC convened a meeting to review its work done in 2020 in the area of fintech and to outline the work plans for 2021. During the meeting, it was highlighted that, in 2020, PBC established an assessment system for fintech development, launched pilot programs for fintech application, and set up data exchange platforms across sectors and institutions. Additionally, in 2021, PBC plans to comprehensively improve fintech application and management by deepening financial data application, strengthening fintech regulation, accelerating financial digitalization, and enhancing technology-based risk prevention.

    The following key tasks have been outlined for 2021:

    • Draw up a plan for fintech development in the new stage, accelerate financial digitalization, and leverage both technology and data to build a modern financial system adaptive to the development of digital economy
    • Improve fundamental rules and standards for fintech regulation, develop the system governing fintech ethics, and enhance the prudential regulation of fintech innovation
    • Release guidelines on data capacity building of the financial sector, launch pilot programs for comprehensive application of financial data, and aim for proper data governance, application, and protection
    • Launch demonstrative projects to encourage fintech to empower rural revitalization, speed up the construction of a barrier-free financial service system, bridge the digital gap between different regions and groups, and tackle the problem of uneven and insufficient fintech development
    • Deepen the application of regulatory technologies (also known as regtech), build a national fintech risk monitoring center, and develop a joint risk management mechanism
    • Employ resources both within and outside the financial system to strengthen research on fundamental theories, in key areas, and about major technologies concerning fintech

    Keywords: Asia Pacific, China, Banking, Fintech, Data Governance, Fintech Committee, Regtech, Workplan, Bigdata, PBC

    Related Articles
    News

    BSP Tackles Aspects of Lending and Islamic, Open & Sustainable Finance

    The Central Bank of the Philippines (BSP) issued communications covering developments related to online lending platforms, open finance framework and roadmap, and on the expected regulations in the area sustainable finance.

    January 16, 2022 WebPage Regulatory News
    News

    US Agencies Issue Regulatory Updates, FDIC Launches Tech Sprint

    The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.

    January 13, 2022 WebPage Regulatory News
    News

    EBA Issues Guide on Bank Resolvability, Consults on Transferability

    The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).

    January 13, 2022 WebPage Regulatory News
    News

    MFSA Publishes CRD5 Updates and Supervisory Priorities for 2022

    The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0.

    January 13, 2022 WebPage Regulatory News
    News

    HKMA Extends Repayment for Trade Facilities, Consults on Crypto-Assets

    The Hong Kong Monetary Authority (HKMA) published a circular, along with the reporting form and instructions, for self-assessment, by authorized institutions, of compliance with the Code of Banking Practice 2021.

    January 12, 2022 WebPage Regulatory News
    News

    FCA Registers Securitization Repositories; PRA Issues 2022 Priorities

    The Financial Conduct Authority (FCA) decided to register European DataWarehouse Ltd and SecRep Limited as securitization repositories under the UK Securitization Regulation, with effect from January 17, 2022.

    January 12, 2022 WebPage Regulatory News
    News

    EC Regulation Sets Out Methods for Measuring K-Factors Under IFR

    The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.

    January 11, 2022 WebPage Regulatory News
    News

    BIS Studies How Platform Models Impact Financial Stability & Inclusion

    The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.

    January 10, 2022 WebPage Regulatory News
    News

    CBE Issues Additional Measures to Ease Disruptions from Pandemic

    The Central Bank of Egypt (CBE) published a circular with instructions on emergency liquidity assistance to banks that are unable to meet their liquidity requirements.

    January 10, 2022 WebPage Regulatory News
    News

    ESAs Publish List of Financial Conglomerates for 2021

    The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.

    January 07, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 7868