Featured Product

    PBC Sets Out Digital Transformation Work Priorities for 2022

    March 23, 2022

    The Fintech Committee of the People’s Bank of China (PBC) published a summary of its meeting to review the work done in the area of financial technology in 2021 and set out work priorities for 2022.

    The announcement notes that, in 2021, PBC has successfully implemented the Fintech Development Plan (2019-2021) as well as the pilot programs for fintech applications involving government agencies. PBC put into practice the Fintech Innovation Regulatory Facility and linked it with the Fintech Supervisory Sandbox of the Hong Kong Monetary Authority (HKMA). PBC also issued a number of regulatory rules and standards to strengthen regulation over internet financial platforms and cement the firewall against fintech risks. The work priorities for 2022 are to promote the implementation of the Fintech Development Plan (2022-2025) and further advance digital transformation in the financial sector. The key work plan activities for 2022 include:

    • launching a project to enhance digital transformation in the financial sector and establishing a database of best practices as well as a system for maturity assessment of financial digitalization capabilities
    • strengthening international cooperation and exchanges
    • establishing and improving the framework, rules, and standards for regulation of fintech ethics and reinforcing early warning, monitoring, analysis, and agile governance with respect to the risks associated with the ethics of technology
    • increasing the use of the Fintech Innovation Regulatory Facility, tightening management of the digital channels of financial services provision by commercial banks, conducting research to set rules and mechanisms for information disclosure and risk assessment concerning intelligent algorithms, and further improving financial regulation to make it more uniform, professional, and penetrating
    • advancing the pilot programs for comprehensive use of financial data to enhance digital financial inclusion
    • enhancing the development of digitalized regulatory capacity, improving the databases of fintech risks, loopholes, and cases as well as leveraging the regulatory technologies to make the policies more forward-looking, targeted, and effective.


    Keywords: Asia Pacific, China, Banking, Fintech, Regtech, HKMA, Artificial Intelligence, PBC

    Related Articles

    EBA Sets Out Roadmap for 2023, Updates Reporting Framework 3.2

    The European Banking Authority (EBA) published its work program for 2023 as well as the technical package for phase 3 of version 3.2 of its reporting framework.

    September 30, 2022 WebPage Regulatory News

    FED Announces Launch of Climate Scenario Analysis Exercise in 2023

    The Board of Governors of the Federal Reserve System (FED) announced a pilot climate scenario analysis exercise for six largest banks in the U.S.

    September 29, 2022 WebPage Regulatory News

    BIS Paper Studies Impact of Fintech Lending on Small Businesses in US

    The Bank for International Settlements (BIS) published a paper that studies impact of fintech lending on credit access for small businesses in U.S.

    September 26, 2022 WebPage Regulatory News

    UK Regulators Issue CRR Changes and Stress Test Scenarios for Banks

    The Prudential Regulation Authority (PRA) issued the policy statement PS8/22 to amend the Own Funds and Eligible Liabilities (CRR) Part of the PRA Rulebook and update the supervisory statement SS7/13 titled "Definition of capital (CRR firms).

    September 26, 2022 WebPage Regulatory News

    EBA Launches EU-Wide Transparency Exercise in 2022

    The European Banking Authority (EBA) launched the EU-wide transparency exercise for 2022, with results of the exercise expected to be published at the beginning of December, along with the annual Risk Assessment Report.

    September 23, 2022 WebPage Regulatory News

    SRB on CRR Quick-Fix to Policy for Multiple Point of Entry Banks

    The Single Resolution Board (SRB) welcomed the adoption of the review of the Capital Requirements Regulation, or CRR, also known as the "CRR quick-fix."

    September 22, 2022 WebPage Regulatory News

    EC Rule Lists Advanced Economies for Market Risk Capital Calculations

    The European Commission (EC) recently adopted the Delegated Regulation 2022/1622, which sets out the regulatory technical standards to specify the countries that constitute advanced economies for the purpose of specifying risk-weights for the sensitivities to equity.

    September 21, 2022 WebPage Regulatory News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8523