By FintechNews staff
The digitalization of China’s financial sector in the new year has been advanced with the latest government guideline and wider promotion of digital currency.
The People’s Bank of China, the country’s central bank, released a development plan on Tuesday for the fintech industry between 2022 and 2025.
Data-driven, smart, people-oriented, low-carbon, fair and inclusive should be the words that best describe China’s fintech industry in the following years, said the plan. By advancing the digital transformation of the entire financial sector, the fintech industry should strive to better facilitate China’s high-quality development, it added.
The plan outlines eight key tasks:
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The first is to strengthen FinTech governance to shape the components and ethics developed for the future digital ecosystem.
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The second is to comprehensively strengthen the construction of data capabilities, promote the orderly sharing and comprehensive application of data under the premise of ensuring security and privacy, fully activate the potential of data elements, and effectively improve the quality and efficiency of financial services.
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The third is the consolidatation of the ‘digital base’ through the construction of a green high power data center network (the centralized ‘e-CNY’ blockchain infrastructure)
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The fourth is to extend the industrial ecology to open up the ‘last mile’ of transformation (likely referring to the implementation of AI).
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The fifth is to improve a safe and efficient financial technology innovation system, build an integrated operation center that integrates business, technology, and data, establish an intelligent risk control mechanism, and fully activate new momentum for digital operation.
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The sixth is to deepen the intelligent reengineering of financial services, build diversified and integrated service channels, and strive to create a barrier-free service system to provide the people with more inclusive, green, and humanized digital financial services.
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Seventh, speed up the all-round application of regulatory technology, strengthen the construction of digital regulatory capabilities, implement penetrating supervision of financial technology innovation, and build a financial and technological risk firewall.
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The eighth is to Cultivate FinTech talent in order to steady the long-term development of the technology at PBOC.
