Featured Product

    PBC Releases Fintech Development Plan for 2019-2021

    August 27, 2019

    PBC released its Fintech Development Plan (2019—2021), which outlines guidelines, basic principles, development targets, key tasks, and supportive measures for fintech development in the next three years. As the plan envisions, by 2021, PBC will institute a sound fundamental framework for fintech development supported by multiple pillars; the pillars involve further enhancing technological application in the financial sector; achieving in-depth integration and coordinated development of finance and technology; elevating public satisfaction via digital, Internet-based, and intelligent financial products and services; and promoting the fintech development in China to be world-leading.

    Through these efforts, the aim is to secure the progressive and controlled application of fintech, achieve steady enhancement of financial service capacities, realize marked improvement of financial risk control, ensure continuous boosting of financial regulation efficiency, and realize constant improvement of fintech in supporting the real economy. The plan has laid down six key tasks:

    • One task is to strengthen the strategic deployment of fintech, improve forward-looking top-level design, identify fintech development trends, and concentrate on coordinated planning, optimize systematic arrangement, and build talent.
    • The plan calls for proper fintech applications and suggests the important role of key breakthroughs to drive overall development.
    • It seeks enhanced quality and efficiency of financial services.
    • The plan highlights the need to enhance technological capacity in preventing financial risks. It calls for efforts to properly handle the relationship between security and development and leverage fintech to identify, curb, and tackle cross-market, cross-industry, and cross-regional financial risks against strengthened control of cyber-security risks and the protection of financial information; the aim is to guard against risks related to the application of new technologies and firmly defend the bottom line of preventing systemic financial risks.
    • The fintech development plan proposes to strengthen fintech regulation via building a sound system of fundamental fintech regulatory rules, accelerating the formulation, monitoring, analysis, and assessment of such rules. Exploring innovative management mechanisms for fintech, facilitating integrated statistics for the financial sector, and making financial regulation more professional, unified, and penetrating.
    • It makes a point of consolidating basic support for fintech, continuously improving fintech ecosystem, optimizing relevant governance systems, and taking appropriate steps in the fields of technology, laws and regulations, credit services, standards, and consumer protection to drive the healthy and orderly development of fintech.

    Keywords: Asia Pacific, China, Banking, Fintech, Development Plan, Governance, Cyber Risk, PBC

    Related Articles
    News

    BaFin Publishes Submission Deadlines Under Solvency II

    BaFin published quarterly and annual submission deadlines on the Solvency II reporting page on its website.

    February 25, 2020 WebPage Regulatory News
    News

    RBNZ to Address Cyber Risk Through Risk Management Guidance

    RBNZ announced that it is strengthening its efforts to enhance resilience of the financial system from cyber threats, including developing risk management guidance and promoting information-sharing in collaboration with industry and other public organizations.

    February 25, 2020 WebPage Regulatory News
    News

    FSI Convened Meeting on Climate Risk Assessment in Financial Sector

    The Financial Stability Institute (FSI) of BIS issued a summary of the meeting held in Basel from February 20-21, 2020.

    February 24, 2020 WebPage Regulatory News
    News

    BCBS Updates Basel III Monitoring Workbook in February 2020

    BCBS updated the workbook for Basel III monitoring to version 4.1.2, for the collection of December 2019 data.

    February 24, 2020 WebPage Regulatory News
    News

    Bank of Finland Updates Validation Checks for AnaCredit Reporting

    Bank of Finland published Version 1.8 of the validation checks for credit data collection under the AnaCredit Regulation.

    February 24, 2020 WebPage Regulatory News
    News

    APRA Plans to Assess Climate Risks and Develop Prudential Guidance

    APRA published a letter that outlines its plans to undertake a climate change vulnerability assessment and develop a prudential practice guide focused on climate-related financial risks.

    February 24, 2020 WebPage Regulatory News
    News

    FDIC Publishes Guide to Help with Third-Party Risk Management

    The technology lab of FDIC (FDiTech) published a new guide to help financial technology, or fintech, companies and others partner with banks.

    February 24, 2020 WebPage Regulatory News
    News

    PRA Removes References to LIBOR in SoP on Pillar 2 Capital and SS20/15

    PRA published a policy statement (PS3/20) that provides updates to certain supervisory statements (SS20/15, SS28/15, and SS35/15) and statements of policy (SoP).

    February 24, 2020 WebPage Regulatory News
    News

    APRA to Transition to Annual Stress Testing of Large Banks in 2020

    APRA published key findings of the stress testing assessment conducted on authorized deposit-taking institutions.

    February 21, 2020 WebPage Regulatory News
    News

    BoE Updates Version 1.1.0 of Taxonomy for Form AS and Form FV

    BoE published the statistical notice 2020/01 that provides an update to Version 1.1.0 of the taxonomy for forms AS (MFI holdings of securities collection) and FV (Financial Vehicle Corporations return) and the associated validation rules.

    February 21, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4729