The fintech regulatory project started in December 2019 in Beijing. According to CoinGeek, the PBoC stated at the time that it aimed at speeding up the drafting of fintech regulations. Now, the regulator is expanding its project to Chongqing, Shanghai, Shenzhen, Hangzhou, Xiong’an New Area in Hebei and Suzhou.
The regulatory project should allow finance and technology companies in these cities to apply for innovation tests and explore the use of modern information technology to financially benefit people and enterprises under the premise of legal compliance and protection of consumer rights.
The PBoC released its ‘Fintech Development Plan (2019-2021)’ eight months ago, outlining the key targets for fintech in the upcoming three years. In it, the bank revealed that some of the main missions will be strengthening fintech strategic deployments, standardising the selection of some key shared technologies, and strengthening financial risk prevention capability.
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