On May 15, 2017, The People’s Bank of China (PBoC) announced the establishment of a new FinTech committee. The purpose of the committee is to the augment future regulations and policies surrounding the Chinese FinTech industry. The following is a Google translation from the PBoC website:
“The People's Bank of China will organize an in-depth study on the impact of financial and technological development on monetary policy, financial market, financial stability and payment and settlement, and do well the strategic planning and policy guidance for China's financial and technological development.”
The PBoC believes that the introduction of an innovative FinTech apparatus will “strengthen exchanges” and facilitate further “cooperation at home and aboard.” The bank states that this will be facilitated by using fledgling technologies such as regulation tech, big data, artificial intelligence, and cloud computing. Although blockchain was not mentioned, the release does refer to “other technologies.”
The bank also stated that they are “willing to join hands” with those in the ecosystem and work together in order to promote a functional and healthy FinTech industry.
As of late, The PBoC has been proactively engaged in the Chinese FinTech industry. Last week, a decree was introduced that mentioned new regulations will be initiated in June, following the suspected violations committed by leading bitcoin exchanges OKCoin, Huobi, and BTCChina.