The program is part of the country's efforts to create a more prudent and inclusive supervisory framework for the fintech sector.
The People's Bank of China is working with Beijing Municipality on a pilot program that will see it experiment with various oversight tools and regulatory guidelines in the fintech sector, the central bank announced in a statement on Monday.
The pilot, which will explore fintech innovation regulatory tools «consistent with China’s realities and connected to international standards» will test flexible management procedures to make fintech regulation «more professional, unified and effective» and help financial institutions toleverage technology to raise the quality and efficiency of financial services, the statement said.
Fintech Development
Last month, Fan Yifei, deputy governor of the People's Bank of China, said the introduction of new standards is urgently needed to fill shortcomings in key areas, with a particular focus on data security.
Under a fintech development plan released by the central bank in August, China aims to build a framework for fintech development by 2021. The calls for control of cyber risks and protection of financial information in the application of fintech.
