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05.15.17

China’s Central Bank Sets up Fintech Committee

The People’s Bank of China has set up a fintech committee aimed at strengthening financial research, planning and coordination, according to Paybefore sister publication Banking Technology. The PBOC will study the impact of fintech on monetary policy, financial markets, financial stability, payments and settlement.

On its website, the nation’s central bank doesn’t offer specifics about the new committee, but says fintech has “injected new vitality,” but also “brought new challenges” for financial security.

The bank says it “will further strengthen exchanges and cooperation at home and abroad, establish and improve the financial and technological innovation management mechanism that is suitable for China’s national conditions, handle the relationship between safety and development and guide the proper use of new technologies in the financial field.”

The PBOC also will look at the application of regtech, such as “actively” using big data, artificial intelligence, cloud computing and other unnamed technologies.

In a sign of further opening up, the bank says it’s “willing to join hands with the parties to work together to promote the healthy and orderly development of China’s financial technology.” Back in November 2016, the PBOC signed a fintech cooperation agreement with the U.K.’s Financial Conduct Authority to share information on promoting innovation in financial services.

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