China's central bank starts pilot regulation on fintech in Beijing

Source:Xinhua

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China's central bank on Thursday said it will support the capital city of Beijing in experiment and test regulations on the fintech sector in an effort to create an inclusive and prudent supervision framework.

The pilot seeks to explore regulatory tools that are in line with China's national conditions and international standards to guide licensed financial institutions to applicate information technology on the preconditions of compliance with the law and consumer interests, according to a statement by the People's Bank of China (PBOC).

The central bank will actively test flexible management to make financial regulation more professional, unified and effective, the statement said.

According to a plan on fintech development released by the PBOC in August, China aims to construct the framework of fintech development, further boost applications and realize the deep integration and coordinated development of technology and finance by 2021.

The plan highlights risk-prevention in the application of fintech, calling for control of cyber risks and protection of financial information.