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The Peo­ple’s Bank of China (PBOC) Calls for Use of Big Data and Blockchain to Strengthen Dig­i­tal Reg­u­la­tion

The Peo­ple’s Bank of China (PBOC) has stressed the need to em­ploy the lat­est regtech meth­ods for the pre­ven­tion of risk in the Chi­nese fi­nan­cial sec­tor.

The PBOC Fin­tech Com­mit­tee re­cently con­vened its first meet­ing for 2020 in Bei­jing, where it out­lined key points for up­com­ing pol­icy.

In a speech de­liv­ered at the meet­ing PBOC deputy-gov­er­nor Fan Yifei (范一飞) called for “strength­en­ing the im­ple­men­ta­tion of regtech ap­pli­ca­tions, and ac­tively em­ploy­ing big data, ar­ti­fi­cial in­tel­li­gence, cloud com­put­ing the blockchain and other tech­nolo­gies to strengthen dig­i­tal reg­u­la­tory ca­pa­bil­i­ties.”

PBOC will “con­tin­u­ally strengthen fi­nan­cial risk pre­ven­tion ca­pa­bil­ity, and raise the level of spe­cial­i­sa­tion, uni­fi­ca­tion and pen­e­tra­tion of reg­u­la­tion, in or­der to con­tribute greater tech­no­log­i­cal strength to ef­fec­tively wag­ing the war against fi­nan­cial risk.”

“[We] will make full use of the do­mes­tic and ex­ter­nal strengths of the cen­tral bank sys­tem to un­der­take deep fin­tech re­search, strengthen the dove­tail­ing of re­search re­sults with reg­u­la­tory, ap­pli­ca­tion and stan­dard­i­s­a­tion work, and pro­vide a the­o­ret­i­cal foun­da­tion for fin­tech reg­u­la­tion.”

The Com­mit­tee meet­ing pointed out that Chi­na’s “Fin­tech De­vel­op­ment Plan (2019 – 2021) calls for the cre­ation of a fin­tech de­vel­op­ment in­dices sys­tem, and guid­ing the ac­cel­er­ated dig­i­tal trans­for­ma­tion of Chi­nese fi­nan­cial in­sti­tu­tions.

Source: Chinabankingnews

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