China News Agency, Beijing, April 27 (Reporter Wei Xi) "Financial technology" has once again become a hot word. The People's Bank of China announced on the 27th that it will support pilot expansion of financial technology innovation supervision in six cities (districts) including Shanghai, Chongqing, Shenzhen, Hebei Xiong'an New District, Hangzhou, and Suzhou.
Previously, Beijing was the only pilot city for fintech innovation supervision in China, and the pilot was launched in December 2019.
From the perspective of the pilot content, the central bank will guide the pilot city (district) licensed financial institutions and technology companies to apply for innovation tests, and explore the use of modern information technology to empower financial “environmental benefits” under the premise of legal compliance and protection of consumer rights. "Enterprise", alleviate the difficulties of financing for small and micro private enterprises, and the "last mile" of inclusive finance, help prevent and control the epidemic and resume work and production, and strive to improve the level of financial services for the real economy.
China has previously officially released the FinTech Development Plan (2019-2021). The central bank said it will explore a prudent and flexible innovation trial and error tolerance mechanism, define a rigid bottom line, set flexible boundaries, and reserve sufficient development space, and strive to create a fintech innovation monitoring tool that meets China's national conditions and is in line with international standards. (Finish)