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
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