People’s Bank of China to issue fintech development plan
China’s central bank has announced it will devise a three-year development plan to support the fintech industry and curb risks, writes Jane Connolly.
Reuters reports that the move aims to help make China’s fintech sector globally competitive and drive the country’s push for high-quality financial development.
The yet-to-be-published 2019-21 development plan will improve the industry’s top-down design and bolster risk controls. These will include an early warning regime on cross-market and cross-industry financial risks.
This announcement came weeks after the central bank revealed the first draft rules to regulate financial holding companies in China.