The People’s Bank of China (PBOC) has formed a new committee to explore the impact of fintech on the financial services sector.
On its website, PBOC said that fintech has “injected new vitality”, but “brought new challenges” in the banking industry.
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The new committee will explore the effect of fintech on a range of areas including monetary policy, financial market, payment as well as settlement.
The committee will also look to check the feasibility of advanced technologies such as big data, artificial intelligence and cloud computing to enhance supervision.
In order to support the development of fintech in China, the central bank seeks to cooperate with other domestic and global entities including businesses, academia and researchers.
The latest move comes shortly after PBOC signed a co-operation agreement with the UK’s Financial Conduct Authority (FCA) to promote fintech innovation in the two markets.
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