PBoC deepens interest in fintech with new committee
Fintech committee will be chargd with investigating pros and cons of financial innovation and producing guidelines where appropriate
The People’s Bank of China (PBoC) has taken steps to strengthen its policy-making and fintech development through two new initiatives.
On May 15, China’s central bank announced it had set up a fintech committee in an attempt to ensure regulation keeps pace with developments in this fast growing industry, which could pose a significant risk to financial stability if not implemented alongside appropriate supervision.
“Fintech, or technology-driven financial innovation, has both injected vitality
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