China’s central bank sets up fintech committee
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.
PBOC will study the impact of fintech on monetary policy, financial markets, financial stability and payments and settlement.
The bank says it “will further strengthen exchanges and co-operation 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”.
PBOC will also look at the application of regtech, such as “actively” using big data, artificial intelligence (AI), cloud computing and other unnamed technologies.
In a sign of further opening up, the bank says it is “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, PBOC did sign a fintech co-operation agreement with the UK’s Financial Conduct Authority to share information on promoting innovation in financial services.
PBOC was established on 1 December 1948 with the consolidation of Huabei Bank, Beihai Bank and Xibei Farmer Bank. In September 1983, China’s State Council made PBOC the country’s central bank.