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Central Bank Wants to Regulate Fintech Like Banking

By Zhang Yuzhe and Liu Xiao
Regulators have been taking a tolerant stance on fintech firms to encourage innovation and improve competitiveness in the financial system, said Sun Guofeng (pictured), head of the People's Bank of China finance research institute. Although banks dominate China’s financial system, the actions of some large fintech firms could impact its health. Photo: IC
Regulators have been taking a tolerant stance on fintech firms to encourage innovation and improve competitiveness in the financial system, said Sun Guofeng (pictured), head of the People's Bank of China finance research institute. Although banks dominate China’s financial system, the actions of some large fintech firms could impact its health. Photo: IC

Financial technology (fintech) companies, especially the sizable ones, should fall under the same risk assessment framework as banks, an official from China’s central bank said.

Back in August, the People’s Bank of China (PBOC) for the first time said it wanted to include internet finance companies in its Macro Prudential Assessment framework, a risk monitoring and mitigation system designated for banks.

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