A senior official from the Chinese banking regulator has called for domestic financial institutions to expand their use of the latest fintech solutions, while at the same time stressing the need for heightened regulation of related applications.
Zhou Liang (周亮), deputy-chair of the China Banking and Insurance Regulatory Commission (CBIRC), said that China would guide financial institutions in the use of technologies including the Internet, big data, cloud computing, the blockchain and artificial intelligence to engage in the “vigorous innovation” of products and services with a focus on consumer demand.
Zhou said that this would be accompanied by “improvements to fintech supervisory and regulatory rules, strengthening of the regulation of roles and the regulation of conduct; the prevention of regulatory arbitrage, and the raising of regtech levels.”
The CBIRC official made the remarks on 26 May at a fintech event held in South Korea.
Zhou also called for raising the “convenience, obtainability and accommodation of financial services, expediting the sustainable growth of the green economy, and avoiding ‘digital gulfs’ and differentiation between the rich and poor.”