The People’s Bank of China has released a document outlining its three-year plan to empower the country’s FinTech sector, making it a new engine for the country’s financial development.
The plan calls for the establishment of guiding principles, including increasing user satisfaction of FinTech products and services, strengthening financial risk control and ramping up financial regulatory efficiency.
The central bank also stated that it had six priorities to strengthen the sector by 2021. Firstly, it will assist the FinTech sector in its ambition to become competitive on a global scale and to propel the development of the industry. Moreover, it has the ambition to improve the tech-based cross-market and cross-industry financial risk control and management improvement.
Furthermore, the central bank has the ambition to establish some guidance and regulations on how to monitor and assess the FinTech sector. This will include an early warning regime on cross-market and cross-industry financial risks.
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