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China's Central Bank Fintech Plan

The People’s Bank of China (PBOC) has released  a three-year (2019 – 2021) Fintech Development Plan.

  • The plan calls for the establishment of “four beams and eight pillars” of fintech development by 2021, guiding principles including increasing user satisfaction of fintech products and services, strengthening financial risk control, and ramping up financial regulatory efficiency.

  • The central bank also highlights six priorities: helping the fintech sector reach global competitiveness so it propels the development of the financial sector; tech-based cross-market and cross-industry financial risk control and management improvement; and the development of a basic fintech regulatory framework and rules, monitoring, and assessment.