Bank of China includes six more cities in a fintech pilot project

Bank of China, one of the four largest commercial banks in China, has added to the pilot projectRegulationFintech industry has six more cities: Shanghai, Chongqing, Shenzhen, Xunan, Hangzhou and Suzhou.

The Bank believes that regulation of innovationFintech projects will help improve consumer protection and help small and micro businesses overcome financing difficulties during the coronavirus pandemic. The bank plans to launch the second phase of testing in Shanghai, Chongqing, Shenzhen, Xiongang, Hangzhou and Suzhou.

At the end of last year, after the Centraleconomic working conference, the bank published the Fintech Development Plan (2019-2021), in which it revealed the main principles and goals for the development of the fintech industry in the next three years. The main tasks that the bank must solve are strengthening regulation of fintech, as well as creating and improving a system of basic rules for regulating the industry.

“The plan assumes that by 2021 there will beimproved key indicators affecting the development of fintech in China. In particular, it is necessary to accelerate the development of basic rules for regulation, monitoring and evaluation of the industry, to study regulatory mechanisms, as well as comprehensive financial statistics. In addition, it is necessary to improve the principles of financial regulation, ”the document says.

Recall that in December last year, Bank of China issued $2.8 billion in blockchain bonds for small businesses.

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