In Depth: PBOC Isn’t Done With Fintech as Ethics Governance Regulations Loom
China’s central bank is ramping up efforts to set up an ethics governance system for the fintech sector by the end of the year which will also tighten supervision and tackle risks, suggesting regulation of the industry is far from over.
As algorithms and new technologies including blockchain, AI and big data become increasingly embedded in financial products and services, China’s authorities want to make sure financial institutions and technology companies involved in financial services are operating in an ethical way. They also want to put a regulatory framework in place to hold businesses accountable and punish wrongdoing.
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