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China supports fintech development
The People's Bank of China (PBoC), the nation's central bank, has set up a fintech committee to enhance research, planning and coordination of work on financial technology. The PBoC made the announcement on its website on Monday. "Fintech, or technology-driven financial innovation, has both injected vitality into financial development and brought new challenges to financial security," said the bank in the statement.
The bank also said it “will organise in-depth research into the influence of fintech development on areas including monetary policy, financial markets, financial stability and payment clearance” as well as “strengthen the actual implementation of regulatory technology (RegTech)”.
It will also make use of new technology, such as big data, artificial intelligence, and cloud computing to enhance its capabilities in protecting against and resolving cross-market financial risks.
The PBoC added that it hoped to "work hand in hand" with businesses, academia and researchers to "jointly push forward the healthy, orderly development of fintech" in China.
China leads the world in terms of the amount of capital it pours into fintech development. Investment was estimated to have topped 6.5 billion British pounds in 2016, according to an EY report, which went on to say “the size and scale of China’s fintech sector provides too big an opportunity to ignore, with the world’s largest, and increasingly digitally-savvy consumer base to target.”