- The People’s Bank of China Financial Committee, responsible for the fintech industry in the country held its first meeting this year earlier in the week.
- The officials called for an accelerated effort in studying and implementing the “FinTech Development Plan (2019-2021)” which includes blockchain integration in various industries.
The meeting, held in Beijing, was chaired by the Vice President of the Party Committee of the PBoC, Fan Yifei, presiding over both the PBoC officials and heads of directly owned industrial companies. According to a publication by local media channel, Sian, this meeting focused on the theoretical and practical research in the financial and technology industry, planning guidance and application of these technologies, and the next steps to implementing them.
Yifei spoke on the need to accelerate blockchain technology and FinTech in preparation for the 2021 deadline for its development plan. The plan aims to develop a financial system that will contribute to and improve the current legacy systems making them more “adaptable, competitive and inclusive.”
In preparation for the digitization of the current modern financial systems, the officials are accelerating efforts in studying the fintech development index system, carefully monitoring dynamism and comprehensive evaluation, guiding financial institutions to accelerate the digital transformation, and continuing to enhance technology applications.
In conclusion, the officials called for an accelerated push to adopting these technologies to enhance better risk prevention measures and provide a level field ensuring regulation and “penetration of supervision” is upheld. The officials concluded,
“It is necessary to strengthen the application of regulatory science and technology, actively use big data, artificial intelligence, cloud computing, blockchain and other technologies to strengthen the construction of digital supervision capabilities.”
The PBoC has been on the frontline in the implementation of blockchain technologies in a bid to increase the efficiency of regulation within the bank and state. Since announcing its digital currency and electronic payment system back in 2018 the government has come on strongly supporting it led by President Xi.
Recently, the bank announced they will start testing the DC/EP this month by paying state employees using the digital currency.