China’s central bank has established a fintech committee to study the impact of financial technology on monetary policy, financial markets, stability, payment and clearing mechanisms. The People’s Bank of China (PBoC) made the announcement on its website on Monday.
The PBoC statement says fintech has “injected new vitality”, but also “brought new challenges” for financial security and the banking sector as a whole.
According to the central bank the purpose of the new fintech committee is to, “organize in-depth research into the influence of fintech development on areas including monetary policy, financial markets, stability and payment clearance”.
The new body 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.
The PBoC added that it hoped to “work hand in hand” with businesses, academia and researchers to “jointly push forward the healthy, orderly development of fintech” in China.