Caixin
Mar 02, 2022 08:43 PM
FINANCE

In Depth: China’s Fintech Plan Part Two Puts Data, Risk Control in Driving Seat

The PBOC is moving to the next phase of driving fintech growth, giving full play to data and innovation to benefit the economy while also improving regulation to stamp out risk and malfeasance, and ensure that laws on data security and privacy are obeyed. Photo: VCG
The PBOC is moving to the next phase of driving fintech growth, giving full play to data and innovation to benefit the economy while also improving regulation to stamp out risk and malfeasance, and ensure that laws on data security and privacy are obeyed. Photo: VCG

As China puts the digital economy and all things data at the heart of the country’s development strategy for the next five years, expanding and regulating the fintech sector in a way that controls risks and avoids the chaos of past few years will be a key part of the initiative.

The People’s Bank of China (PBOC), which oversees the industry, announced on Jan. 4 its roadmap for developing fintech and driving the digital transformation of finance. The four-year plan will have profound implications for how the sector grows over the medium term, for traditional banks and insurers, and for fintech giants such as Ant Group Co. Ltd. and Tencent Holdings Ltd.

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