China Issues 3-Year Fintech Development Plan

By Denise Jia / Aug 24, 2019 06:13 AM / Business & Tech

China’s central bank published a three-year plan Friday to develop the fintech industry.

The plan aims to further boost the application of science and technology in the financial sector, realize the deep integration and coordinated development of technology and finance, and significantly increase the public’s satisfaction with digital financial products and services by 2021, the People’s Bank of China said.

The plan stresses the need to make FinTech a "new engine" for financial development, boosting a healthy and sustainable development of the real economy, the PBOC said. Through the proper application of FinTech, consumers should benefit from diversified financial services and products and lower costs, according to the plan.

The plan also highlights risk identification, prevention and mitigation of cross-market and cross-industry financial risks through the application of Fintech and the need for control of cyber risks and protection of financial information.

The plan also calls for the proper use of big data, cloud computing, artificial intelligence, distributed database and an online identification authentication system.