Bank of China Plans An Expansion of Pilot Projects in Six Different Cities and Districts

By Rajat Gaur

Renowned Bank of China remains constant with their strengthened fintech regulation with the plan of expanding pilot projects in six different cities and districts. Recently, Bank of China released its first fintech innovation regulatory pilot project in Beijing in the previous year. Further, on April 27, Bank of China made an announcement with the plan to expand pilot projects in six different cities and districts.

According to the sources, the Bank of China is looking forward to conducting pilot projects in Chongqing, Hebei Xiong’an New District, Suzhou, Hangzhou, Shanghai, and others. Moreover, it aims to make some improvements in the financial services in general for the real economy.

Moreover, the Bank of China strongly believes that fintech innovation projects which are still under regulations will remain constant to protect consumer’s rights. At the same time, it will be also helping small and micro private organizations through finance difficulties during the ongoing pandemic. Bank of China clarified in the statement that they have developed a mission to help the organization and continue their work and production system amid COVID-19 pandemic.
The Bank of China has also released “The Fintech Development Plan” which will officially last for two years. This plans outlines right after the Central Economic Work Conference. It enclosed the guidance of basic principles, ideology, key missions, guarantee mechanisms, and development targets especially for fintech work over the course of three years.
Referring to the plan, strengthening fintech regulation, establishing and refining a basic rules systems for regulation is one of the significant missions for the bank to achieve in three years. This states that the Plan proposes that in 2021 China will establish and improve the eight pillars. This pillars includes monitoring analysis, assessment work, and basic regulatory rules, strengthening the specialization, comprehesiveness of financial regulation, comprehensive financial statistics, unification, and exploring fintech innovation regulatory mechanisms.

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