Last year The Bank of China launched its first pilot project to regulate fintech innovations in Beijing. The bank announced plans to expand its regulatory pilot projects in six other cities and districts on April 27.
The bank is planning pilot projects in Shanghai, Chongqing, Shenzhen, the new Hebei Xiong’an district, Hangzhou and Suzhou. At long last The aim is to improve financial services for the real economy as a whole.
The bank expects regulated fintech innovation projects to continue to protect consumer rights. At the same time, it will also help small and micro-private companies overcome financial difficulties during the pandemic. In its announcement, the bank said:
“Our goal in the midst of the pandemic is to help companies resume work and production.”
Fintech regulation is part of the main plan for the development of the Chinese fintech sector
The bank released the “The Fintech Development Plan (2019-2021)” program shortly after the Central Economic Work Conference at the end of last year. It revealed the ideology on which they are based, the basic principles, the development goals, the key missions and the guarantee mechanisms “for fintech work over a period of three years.
According to the description, Strengthening fintech regulation, establishing and improving a system of basic regulation rules is one of the main tasks that the bank will have to perform in three yearsand says that:
“The plan is for China to set up and improve the ‘four bars and eight pillars’ for China’s fintech development by 2021, including speeding up the development of basic regulatory standards, monitoring analytical and assessment work, and exploring regulatory mechanisms for fintech Innovation and comprehensive financial statistics strengthen the specialization, standardization and completeness of financial regulation. “
Cointelegraph contacted the bank to comment on the details of the advanced pilots, but received no comment by the time of going to press. This article will be updated as soon as we get an answer.