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    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

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