Bank Of China To Expand Fintech Regulatory Pilot Projects To Six More Cities

Bank of China (BOC) announces plans to expand its fintech innovation regulatory pilot projects in six more cities and districts on April 27, having launched its initial pilot project in Beijing last year.

According to announcement, the bank is planning to conduct the pilot projects in the following cities:

1. Shanghai

2. Chongqing

3. Shenzhen

4. Hebei Xiong’an New District

5. Hangzhou

6. Suzhou

BOC believes that the fintech innovation project can help small and micro private enterprises go through the financial difficulties faced during the pandemic.

Moreover, the pilot projects under the regulation can help in continuing protecting the rights of the consumers.

In its announcement, the bank stated:

“We are aiming to amid the pandemic situation and help enterprises to resume work and production.”

Last year, Bank of China released “The Fintech Development Plan (2019-2021)” outline right after the Central Economic Work Conference.

The outline revealed the on guidance ideology, basic principles, development targets, key missions, and guarantee mechanisms” for fintech work over the course of three years.

According to the outline, strength­en­ing fin­tech reg­u­la­tion, es­tab­lish­ing, and im­prov­ing, a ba­sic rules sys­tem for reg­u­la­tion is one of the major missions for the bank to achieve in three years, while stating that:

“The Plan pro­poses that by 2021 China es­tab­lish and im­prove the “four beams and eight pil­lars” for Chi­na’s fin­tech de­vel­op­ment, which in­cludes […]Ac­cel­er­at­ing the draft­ing of ba­sic reg­u­la­tory rules, mon­i­tor­ing analy­sis and as­sess­ment work; ex­plor­ing fin­tech in­no­va­tion reg­u­la­tory mech­a­nisms and com­pre­hen­sive fi­nan­cial sta­tis­tics; strength­en­ing the spe­cial­i­sa­tion, uni­fi­ca­tion and com­pre­hen­sive­ness of fi­nan­cial reg­u­la­tion.”

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Source: Cointelegraph | Unsplash

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