Caixin
May 24, 2018 05:12 AM
FINANCE

Quick Take: Securities Regulator Seeks Tech Advice

The China Securities Regulatory Commission set up an advisory board to help improve its use of technology in financial supervision. Photo: VCG
The China Securities Regulatory Commission set up an advisory board to help improve its use of technology in financial supervision. Photo: VCG

China’s top securities regulator is seeking advice from academic and business leaders in a bid to catch up with rapid, technology-driven financial evolution.

The China Securities Regulatory Commission formed a 16-member advisory board to help upgrade the commission’s technological capabilities for financial supervision. Members of the board include Chen Shengqiang, CEO of JD Finance; Li Jinjun, the head of Ant Financial Services Group’s global tech cooperation department; and scholars from universities and top think tanks.

The board held its first meeting recently in Beijing, the commission said Wednesday in a statement on its website.

The CSRC has drafted a framework plan for enhancing its capacity to apply cutting-edge technologies to financial supervision, a source close to the regulatory body said. These include big data, cloud computing and artificial intelligence. The advisory board is to evaluate technologies and make recommendations.

The CSRS will “promote the construction of a new supervisory model that deeply combines human resources and technology,” the agency said in the statement. The CSRC said new technologies will improve the efficiency of administrative review and detection of market irregularities, enhance financial risk prevention and expand the depth and breadth of financial supervision.

Contact reporter Han Wei (weihan@caixin.com)

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