PBOC forms committee for fintech

Source: Xinhua | 2017-05-16

THE People’s Bank of China said yesterday that it has set up a fintech committee to enhance research, planning and coordination of work on financial technology.

In order to make strategic plans and provide policy guidance on fintech development, the PBOC said it will further study its influence on monetary policy, financial markets, financial stability, payment and clearing.

“Fintech, or technology-driven financial innovation, has both injected vitality into financial development and brought new challenges to financial security,” said the PBOC on its website.

The PBOC will devise a mechanism for fintech innovation to handle ties between security and development and guide the proper use of new financial technology.