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

    PRA Consults on Implementation of Certain Provisions of CRD5

    PRA, via the consultation paper CP12/20, proposed changes to its rules, supervisory statements, and statements of policy to implement certain elements of the Capital Requirements Directive (CRD5).

    July 31, 2020 WebPage Regulatory News
    News

    EIOPA Report Identifies Key Financial Stability Risks for Insurers

    EIOPA published the financial stability report that provides detailed quantitative and qualitative assessment of the key risks identified for the insurance and occupational pensions sectors in the European Economic Area.

    July 30, 2020 WebPage Regulatory News
    News

    EBA Publishes Risk Dashboard for First Quarter of 2020

    EBA published its risk dashboard for the first quarter of 2020 together with the results of the risk assessment questionnaire.

    July 30, 2020 WebPage Regulatory News
    News

    EBA Issues Updates on Stress Test Exercise for Banks in EU

    EBA announced that the next stress testing exercise is expected to be launched at the end of January 2021 and its results are to be published at the end of July 2021.

    July 30, 2020 WebPage Regulatory News
    News

    PRA Proposes Guidance Related to Matching Adjustment under Solvency II

    PRA published the consultation paper CP11/20 that sets out its expectations and guidance related to auditors’ work on the matching adjustment under Solvency II.

    July 30, 2020 WebPage Regulatory News
    News

    MAS Issues Guidance on Dividend Distributions by Banks

    MAS published a statement guidance on dividend distribution by banks.

    July 30, 2020 WebPage Regulatory News
    News

    APRA Updates Guidance on Capital Management for Banks

    APRA updated its capital management guidance for banks, particularly easing restrictions around paying dividends as institutions continue to manage the disruption caused by COVID-19 pandemic.

    July 29, 2020 WebPage Regulatory News
    News

    FSB Report Reviews Macro-Prudential Framework and Tools in Germany

    FSB published a report that reviews the progress on data collection for macro-prudential analysis and the availability and use of macro-prudential tools in Germany.

    July 29, 2020 WebPage Regulatory News
    News

    EBA Urges Firms to Finalize Preparations for End of Brexit Transition

    EBA issued a statement reminding financial institutions that the transition period between EU and UK will expire on December 31, 2020; this will end the possibility for the UK-based financial institutions to offer financial services to EU customers on a cross-border basis via passporting.

    July 29, 2020 WebPage Regulatory News
    News

    SRB on Operational Continuity in Resolution and FMI Contingency Plans

    SRB published guidance on operational continuity in resolution and financial market infrastructure (FMI) contingency plans.

    July 29, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5606