China

China’s New Fintech Strategy Includes a “Chinese Version” of Regulatory Sandboxes

by Fintech News Hong Kong July 16, 2019

China’s central bank, the People’s Bank of China (PBoC) has revealed at the 4th Global Fintech (Beijing Summit) that it is currently drafting new policies for China’s fintech sector.

This new plan, will include regulatory sandboxes for at least 10 major cities including the usual suspects like Beijing, Shanghai and Shenzhen according local media report.

Li Wei who heads the technology department of PBoC told local media that they will be exploring a Chinese version of the fintech supervisory sandbox with focuses on “risk compensation” and “withdrawals mechanisms for the financial markets” through the pilot zones with the 10 major cities.

Details of the new plan is expected to be released soon.