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China central bank sets up fintech committee

People’s Bank of China has set up a fintech committee to study the impact of financial technology on monetary policy, financial markets, stability, payment and clearing mechanisms. The central bank said in a statement the fintech has ‘injected new vitality’, but also ‘brought new challenges’ for financial security and the banking sector as a whole. The fintech committee will organize in-depth research into the influence of fintech development on areas including monetary policy, financial markets, stability and payment clearance, the statement said. It will also seek to strengthen the actual implementation of regulatory technology (RegTech), suggesting that the application of big data, artificial intelligence (AI), cloud computing and other such technologies will come under enhanced scrutiny in future years.

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