Fintech Committee of PBC Outlines Work Plans for 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
Previous Article
CBB Updates Rulebook for Conventional and Islamic BanksRelated Articles
BIS Examines Use of Big Data and Machine Learning at Central Banks
BIS published a paper that provides an overview on the use of big data and machine learning in the central bank community.
APRA Finalizes Reporting Standard for Operational Risk Requirements
APRA finalized the reporting standard ARS 115.0 on capital adequacy with respect to the standardized measurement approach to operational risk for authorized deposit-taking institutions in Australia.
ECB Publishes Guide for Determining Penalties for Regulatory Breaches
ECB published a guide that outlines the principles and methods for calculating the penalties for regulatory breaches of prudential requirements by banks.
MAS Sets Out Good Practices to Manage Operational Risks Amid COVID
MAS and The Association of Banks in Singapore (ABS) jointly issued a paper that sets out good practices for the management of operational and other risks stemming from new work arrangements adopted by financial institutions amid the COVID-19 pandemic.
ACPR Announces New Data Collection Application for Banks and Insurers
ACPR announced that a new data collection application, called DLPP (Datalake for Prudential), for collecting banking and insurance prudential data will go into production on April 12, 2021.
BCB Maintains CCyB at 0%, Initiates First Cycle of Regulatory Sandbox
BCB announced that the Financial Stability Committee decided to maintain the countercyclical capital buffer (CCyB) for Brazil at 0%, at least until the end of 2021.
EIOPA Launches Study on Non-Life Underwriting Risk in Internal Models
EIOPA has launched a European-wide comparative study on non-life underwriting risk in internal models, also kicking-off of the data collection phase.
SRB Publishes Overview of Resolution Tools Available in Banking Union
SRB published an overview of the resolution tools available in the Banking Union and their impact on a bank’s ability to maintain continuity of access to financial market infrastructure services in resolution.
EBA Consults on Pillar 3 Disclosure Standards for ESG Risks Under CRR
EBA is consulting on the implementing technical standards for Pillar 3 disclosures on environmental, social, and governance (ESG) risks, as set out in requirements under Article 449a of the Capital Requirements Regulation (CRR).
ESAs Issue Advice on KPIs on Sustainability for Nonfinancial Reporting
ESAs Issue Advice on KPIs on Sustainability for Nonfinancial Reporting