The People’s Bank of China (PBOC) held a conference in Yangzhou city Thursday discussing fintech and market regulations.

“Going forward, we will give our priority to go digital by build a talent pool on digital currency-related technologies. We will work to improve our work concerning risk control, technology governance and digital currency-related research and development. Furthermore, we are going to launch three platforms: a big data-based decision-making platform, a distributed system-centered service platform and a digital currency-led innovation platform,” said Fan Yifei, deputy governor of the PBOC.

PBOC Eyeing Fintech

“Fintech has become a driving force behind economic development, which would help make financial services innovative, sustainable, coordinated, open and inclusive,” pointed Fan.

Fan added that the PBOC is now subject to four big challenges.

“First, fintech innovations have brought about unprecedented changes in financial services. Second,as the central bank, the PBOC should work to exercise supervision with innovative approaches to prevent loopholes. Third, a secure online environment is vital to interests of our people, financial stability and national security. Fourth, fintech should play a role in fueling financial reforms, supporting supply-side structural reform, expanding two-way open-up in financial services, creating a green financial system and an inclusive financial system.”

The PBOC has reportedly launched its research institute focusing on digital currency and successfully completed  a trial run for a project regarding a digital bank acceptance exchange on January 27. And the meeting marks that the PBOC is taking more actions tapping into the potential of fintech innovations.

Earlier this month (March 10), Zhou Xiaochuan, governor of PBOC said during the two sessions that the PBOC encourages the creation of fintech and works to boost its development with industry players.

He added:

“New technologies, such as digital currency and blockchain technology, will generate far-reaching impacts that may not be foreseen or predicted currently.”