Caixin
Nov 20, 2021 07:02 AM
FINANCE

Beijing Selects 16 Fintech Innovation Pilot Projects

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What’s new: Beijing financial regulators designated the first batch of 16 fintech innovation pilot projects Friday, seeking public comment on them.

The projects, proposed by banks, brokerages, fund managers, tech companies, a credit rating firm and an options trading market operator, cover a new generation of financial technologies including big data, cloud computing, artificial intelligence and blockchain, according to a statement released by Beijing Bureau of the China Securities Regulatory Commission (CSRC) and the Beijing Local Financial Supervision and Administration.

In one project is related to the digital yuan, brokerage China Galaxy Securities Co. Ltd. and the Industrial and Commercial Bank of China proposed an application of the digital currency in securities trading, according to the statement.

The background: CSRC Chairman Yi Huiman said at a forum last fall that Beijing would lead in fintech innovation pilot projects. The capital city started collecting applications in March. A municipal fintech innovation supervision task force selected 16 projects from 51 applications by 26 companies and institutions.

China has one of the most dynamic fintech industries worldwide. The government is now seeking to strike a balance between promoting fintech innovation and tightening regulation of the sector.

China has been cracking down on its biggest tech companies in the past year, including forcing fintech businesses such as Ant Group to clean up their businesses, anti-monopoly investigations into e-commerce giant Alibaba Group Holding Ltd. and others, and new rules governing data privacy.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full story in Chinese, click here.

Contact reporter Denise Jia (huijuanjia@caixin.com) and editor Bob Simison (hello@caixin.com)

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