China's central bank has announced the formation of a fintech committee to study the growing impact of financial technology.
In an announcement on its website, The People's Bank of China (PBOC) said it would look deeper into the influence on monetary policy, financial markets, stability, payment and clearing mechanisms, of the rapidly moving technology.
The new committee will also seek to strengthen the actual implementation of regulatory technology (Regtech), a comment that suggests the application of big data, artificial intelligence (AI), cloud computing and other such technologies could come under enhanced scrutiny.
China's Great Fintech Leap
The PBOC added that it hoped to work hand in hand with businesses, academia and researchers to «jointly push forward the healthy, orderly development of fintech» in China.
While the U.K. and the U.S. have jostled to be recognized as leading global fintech centers, China has leapfrogged ahead to become the undisputed global fintech hub.
The speed, sophistication and scale of development of China’s fintech ecosystem have been at a level unmatched in more established markets.
As banks and financial services institutions in the West look at ways to incrementally innovate, China’s technology leaders are revolutionizing many aspects of financial services.
