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Bank of China continues to strengthen fintech regulation, expanding pilot projects in six more cities and districts.
Bank of China launched its first fintech innovation regulatory pilot project in Beijing last year. The bank announced plans to expand its regulatory pilot projects in six more cities and districts on April 27.
The bank plans to conduct pilot projects in Shanghai, Chongqing, Shenzhen, Hebei Xiong'an New District, Hangzhou and Suzhou. Ultimately, it aims to improve the financial services in general for the real economy.
The bank believes fintech innovation projects under regulation will continue to protect consumerās rights. At the same time, it will also help small and micro private enterprises to go through financing difficulties during the pandemic. In its announcement, the bank said:
āWe are aiming to amid the pandemic situation and help enterprises to resume work and production.ā
Fintech regulatory is part of the major plan in the development of Chinese fintech sector
The bank released āThe Fintech Development Plan (2019-2021)ā outline right after the Central Economic Work Conference late last year. It revealed the guidance ideology, basic principles, development targets, key missions and guarantee mechanismsā for fintech work over the course of three years.
According to the outline, strengthĀenĀing finĀtech regĀuĀlaĀtion, esĀtabĀlishĀing and imĀprovĀing a baĀsic rules sysĀtem for regĀuĀlaĀtion is one of the major missions for the bank to achieve in three years, stating that:
āThe Plan proĀposes that by 2021 China esĀtabĀlish and imĀprove the āfour beams and eight pilĀlarsā for ChiĀnaās finĀtech deĀvelĀopĀment, which inĀcludes [...]AcĀcelĀerĀatĀing the draftĀing of baĀsic regĀuĀlaĀtory rules, monĀiĀtorĀing analyĀsis and asĀsessĀment work; exĀplorĀing finĀtech inĀnoĀvaĀtion regĀuĀlaĀtory mechĀaĀnisms and comĀpreĀhenĀsive fiĀnanĀcial staĀtisĀtics; strengthĀenĀing the speĀcialĀiĀsaĀtion, uniĀfiĀcaĀtion and comĀpreĀhenĀsiveĀness of fiĀnanĀcial regĀuĀlaĀtion.ā
Cointelegraph reached out to the bank for comment on the details of the expanded pilots but received no comment as of press time. This article will be updated pending a response.
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