The People’s Bank of China Set to Create New Standards for Fintech and Blockchain

It seems that the People’s Bank of China is stepping up its progressive stance on new technologies. The recent reports have emerged that the bank is set to create new standards for the financial industry in about 17 different areas of technologies which includes blockchain as well.

Fan Yifei, deputy governor of the People’s Bank of China, said yesterday at the working conference of the National Financial Standardization Technical Committee that the bank is planning to create standards in fields that include artificial intelligence, cloud computing, big data among others. He also indicated that the financial standards system continued to make gains across all fields stressing the need to keep up with new trends in these sectors as well.

He said:

“The financial industry either lacks the standards or needs to update the existing standards.” 

 “The current regulations for financial services are not clear and strong enough to guide high-quality developments in the industry,” continued he. 

This demonstrates that the Chinese are following up on their commitment to the implementation of new technologies which could fundamentally change the financial landscape on a global scale and that they have also begun systemizing the application of new technology within already existing frameworks. This gives insight into the mindset of the Chinese government as governments all over the world are still struggling and grappling to make significant changes within the fintech and distributed ledger technology (DLT) spaces.

Fan Yifei also noted that before now the bank had already introduced a round of standards for mobile financial payment platforms, voice and image recognition technologies among others thus laying the foundation for a new set of standards which of course will serve as the operational basis for this new round of standards.

It also comes after two other standards were introduced, one of which was for blockchain projects where over 500 projects that cut across both corporate and state lines have been registered and the other being for 11 new product categories for digital payments. 

The creation of these frameworks points to the fact that the Chinese are following up on central decisions that were taken by the authorities. If the Chinese are anything to go by when it comes to decision making, it is known that they stick to their guns and make things happen across the board. This, of course, hints that within the next decade the Chinese are going to be leaders on a global scale in new fintech products and services. Already, with the emergence of payment giants such as Alipay and others, there is a clear indication that the rest of the world would have to contend with the Chinese and their innovations. 

Whatever happens from now on, it is obvious that there is no stopping the Chinese government in the coming fintech revolution.