A development plan for #Fintech (financial technology) industry is in the making
in China, and probably will be rolled out soon, according to Li Wei, CF40 invited member and director of the technology department of #PBoC, #China’s central bank. mp.weixin.qq.com/s/qYw4j8kjADzs…
PBoC will also launch a pilot scheme to promote the application of Fintech in several cities e.g.#Beijing,#Shanghai,& #Guangzhou. A #Chinese version of
regulatory #sandbox,the pilot program will take all potential risks into
account before its launch and set an exiting mechanism.
The upcoming plan will include the guidelines,principles, goal, priorities and supporting measures for the development of #Fintech industry in #China in years to come.
Li said the #PBoC places high importance on the establishment of a supervision system for #Fintech industry in a bid to create a benignant policy environment and to make sure the proper use of #technology.
The supervisory framework for #Fintech industry will involve the application of technologies such as #CloudComputing, #artificialintelligence, and #blockchain,and put forward regulation requirements associated with technical framework, security management and business continuity.
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