Published On: Mon, May 15th, 2017

People’s Bank of China Establishes New FinTech Committee

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China’s central bank announced the assembly of a Financial Technology (FinTech) Committee aimed at studying the impact of financial technology in the country.
China’s New FinTech Committee
Today, the People’s Bank of China (PBoC) announced the assembly of a Financial Technology (FinTech) Committee. Aimed at studying the impact of financial technology, the FinTech Committee will “organize in-depth research into the influence of FinTech development on areas including monetary policy, financial markets, stability and payment clearance”.
The new FinTech committee will also seek to “handle the relationship between safety and development” by guiding the use of new technologies such as regulatory technology (RegTech), big data, artificial intelligence, cloud computing and others as a means to prevent and mitigate cross-market financial risks. The announcement reads:

We 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
In an interview with the South China Morning Post, Li Ying, a senior researcher at Bank of …

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