On December 5, Yang Fuyu, an official of the People’s Bank of China (PBOC), said the central bank is working to develop standards for fintech such as AI, blockchain, big data and cloud computing. Speaking at the ‘2019 Bank Digital Transformation Summit’, Fuyu said the PBOC is inviting foreign-funded firms to join the standards working groups, according to local news outlet
Capital Observation.
Yang Fuyu, the second inspector of the Science and Technology Department at PBOC, stressed the need for fintech standards. He pointed to the benefits that fintechs offer, such as improving financial inclusion and efficiency. But they also bring higher risks in terms of financial stability, market integrity, and consumer and investor protection.
His view is that standards can take on a “soft law” role.
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