China-Singapore Jingwei Client, August 6 (Song Yafen) Recently, the central bank has added another financial technology company, which means that the central bank already owns five financial technology companies. What are the reasons behind the central bank's aggressive expansion of financial technology?
Yang Tao, deputy director of the National Finance and Development Laboratory, said in an interview with the Sino-Singapore Jingwei Client: “The establishment of financial technology companies under the Central Bank is an important part of building a multi-level financial technology innovation system and will help improve the overall financial technology innovation. Efficiency and effectiveness, based on its background, are also expected to play a greater leading role in safe, controllable and stable development."
According to Yang Tao’s analysis, the central bank’s three-year financial technology plan mentioned that “financial technology development plan is a forward-looking plan related to the high-quality development of China’s financial industry. We must attach great importance to it, strengthen organizational leadership, combine reality, scientifically plan, and coordinate” to “form financial A work pattern in which management departments, financial institutions, industrial departments, and social organizations work closely together and advance collaboratively." From this point of view, financial technology innovation and development is a systematic project that not only needs to fully mobilize and stimulate the internal innovation vitality of the market, but also needs to mobilize superior resources in terms of major basic common technologies, major applications, and core standards to promote some self-development. Top-down innovation and breakthroughs cannot only rely on start-up financial technology companies. Although the Internet and technology giants have played an important role, they also lack overall consideration and tend to be biased in technology or scenarios.
In addition to leading technological innovation breakthroughs, experts believe that the establishment of a technology company by the central bank is also a development need and internal requirement for the central bank to better perform its duties.
Li Yongsen, a professor at the School of Economics of the University of Chinese Academy of Social Sciences and director of the Institute of Finance, told the Sino-Singapore Jingwei Client: "The central bank and other financial institutions have different positions, mainly from monetary policy, currency issuance to payment and settlement, and money market inter-banking. Supervision of market operations. Based on the special functions of the central bank, in order to adapt to the new situation and better perform the responsibilities of the People’s Bank of China, comprehensive reforms and advancements in many aspects are required in a timely manner."
In the financial field, the driving force of technology to financial innovation has been significantly strengthened in recent years. Li Yongsen believes that for the central bank, in order to better perform its own functions, it needs to speed up some construction in technology and finance.
Specifically, it is mainly the following requirements. One is the direction of digital currency. Digital currency central bank has been researching and advancing, and it is also an important aspect of financial technology. Digital currency not only has financial functions, but also has financial connotations relying on corresponding technical support. Currency issuance is one of the most basic functions of the central bank, and it is necessary to strengthen the research in this area. The second is the support of the payment and settlement system. There are not only the development of domestic payment and settlement systems and technology development research, but also the technical support of RMB internationalization and cloud supporting, including cross-border settlement of RMB and optimization of RMB overseas payment and settlement systems. The third is the expansion requirements of the financial market. As an important financial market, the currency market is actually expanding. The so-called expansion is not only the expansion of the number of products, but also the expansion of participants. Some foreign entities have gradually entered the Chinese inter-bank market, so the corresponding technical requirements are also increasing.
In addition, Li Yongsen emphasized that compared with the past, the above aspects are more and more closely connected with the operation and connection of the financial market, which puts forward new requirements for supervision, that is, the efficiency of supervision must be improved. Supervision is not just a matter of prevention and supervision beforehand, but also real-time supervision, which requires the support of financial technology. (Zhongxin Jingwei APP)
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