The central bank’s three-year plan for China’s fintech development is entering its implantation phrase five months after the People’s Bank of China (PBOC) issued it.
The PBOC announced Tuesday the first batch of fintech projects to be included in the pilot program, one of the top priorities for the central bank’s 2020 policy agenda. The PBOC said earlier this month in a work meeting statement that in 2020 it will implement the fintech development plan and improve the regulatory system for fintech supervision.
Six projects were selected as the first for the pilot program, involving 10 financial institutions and technology companies and covering applications of technologies in the financial sector such as internet of things, big data, artificial intelligence, blockchain and application programming interface (API).
The programs are the Industrial and Commercial Bank of China’s supply chain financing project; Bank of Agriculture’s microloan product; a payment token project jointly developed by Citic Bank, China UnionPay, Baidu’s fintech arm Du Xiaoman Financial and online travel service platform Ctrip.com; Citic Bank’s API solutions; Bank of Ningbo’s fast loan product; and a project using cell phones as point-of-sale devices that was jointly developed by China UnionPay, Xiaomi and JD.com.
The PBOC said it will start seeking public opinion in the next 10 days and expects the projects to be officially launched by March.
Contact reporter Denise Jia (firstname.lastname@example.org)