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Bei­jing Launches Fin­tech Reg­u­la­tory Sand­box with Cen­tral Bank Back­ing

China Banking News | Dec 5, 2019

China - Bei­jing Launches Fin­tech Reg­u­la­tory Sand­box with Cen­tral Bank Back­ing

Bei­jing Launches Fin­tech Reg­u­la­tory Sand­box with Cen­tral Bank Back­ing

The Bei­jing mu­nic­i­pal gov­ern­ment has an­nounced the launch of a new pi­lot scheme for fin­tech reg­u­la­tion.

On 5 De­cem­ber the Bei­jing mu­nic­i­pal fi­nan­cial reg­u­la­tor an­nounced via its of­fi­cial web­site that Chi­nese cap­i­tal was

“tak­ing the lead in launch­ing fin­tech in­no­va­tion reg­u­la­tory tri­als, and ex­plor­ing the es­tab­lish­ment of an ac­com­mo­dat­ing and pru­den­tial Chi­nese-edi­tion ‘reg­u­la­tory sand­box.'”

Ac­cord­ing to the an­nounce­ment the new trial is be­ing launched with the guid­ance and sup­port of the Chi­nese cen­tral bank, and has the goal of es­tab­lish­ing Bei­jing as a “na­tional tech in­no­va­tion cen­tre and na­tional fi­nan­cial reg­u­la­tory cen­tre.”

The Bei­jing fi­nance reg­u­la­tor said that it would ap­ply “soft reg­u­la­tory meth­ods” that in­volve open in­for­ma­tion, prod­uct no­tices and joint su­per­vi­sion.

Ac­cord­ing to its an­nounce­ment the goal is to drive fin­tech in­no­va­tion and qual­ity and ef­fi­ciency im­prove­ments in fi­nan­cial ser­vices, un­der the pre­con­di­tion that li­censed fi­nan­cial in­sti­tu­tions com­ply with laws and reg­u­la­tions, and pro­tect the rights and in­ter­ests of con­sumers.

Xin­jing­bao re­ports that Bei­jing mu­nic­i­pal­ity has ap­proved 46 fin­tech trial pro­jects

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China Banking News | Dec 5, 2019

Chi­nese Cen­tral Bank Flags For­mu­la­tion of New Fin­tech and Blockchain Stan­dards

The Peo­ple’s Bank of China (PBOC) says it’s work­ing on a to­tal of 17 new fin­tech stan­dards for tech­nolo­gies in­clud­ing the blockchain, as part of ef­forts to im­prove its fin­tech reg­u­la­tory sys­tem.

At the 2019 Bank­ing Dig­i­ti­za­tion Trans­for­ma­tion Sum­mit (2019银行数字化转型高峰论坛) held in Bei­jing on 5 De­cem­ber, Yang Fuyu (杨富玉), a se­nior of­fi­cial with PBOC’s tech de­part­ment, said that stan­dard­i­s­a­tion-based lead­er­ship was ur­gently needed to im­prove dig­i­tal bank­ing trans­for­ma­tion and the mod­erni­sa­tion of in­dus­try chains in China.

See: 

To this end Yang said that PBOC is cur­rently in the process of ar­rang­ing for the re­search and de­vel­op­ment of a to­tal of 17 fin­tech stan­dards, cov­er­ing ar­eas in­clud­ing ar­ti­fi­cial in­tel­li­gence, the blockchain, big data and cloud com­put­ing.

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NCFA Jan 2018 resize - Bei­jing Launches Fin­tech Reg­u­la­tory Sand­box with Cen­tral Bank Back­ing The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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