Digital & Technology

Plans for the PBC to increase involvement in FinTech development

The People’s Bank of China (PBC) reveals plans to focus on the development of technology. The investment is to be centered on financial technologies, specifically on FinTech applications and industry management.

The PBC has revealed plans to focus on the development of technology, with investment is to be centered on financial technologies, specifically FinTech applications and industry management.

The PBC plans to carry out the development of these technologies in “pilot zones”: these namely being Beijng, Shanghai and Guangzhou, as reported by Global Times. The plan will be coordinated by the relevant government departments, and is said to outline the principles, development goals, key tasks and safeguard measures for the future development of these financial FinTech technologies.

The bank aims to improve the efficiency of financial services through any developments made, and the project will be extended to further “pilot zones”, with these zones allowing the PBC to focus on risk compensation, and the formulation of regulations surrounding artificial intelligence, cloud computing and blockchain.