People’s Bank of China (PBoC) has added a new city Chengdu, which is the capital of China’s Sichuan province, to the list of fintech innovation supervision pilot.
On July 20, it has been reported that Chengdu’s official approval will further accelerate fintech innovation and actively help Chengdu build a regional fintech center with international influence.
However, the city is reportedly focusing on big data, artificial intelligence (AI), cloud computing, and blockchain technologies. It is accelerating the construction of local financial regulatory sandboxes to enhance local financial regulatory capabilities and service levels.
As estimated, fintech innovation supervision is also called the fintech “regulatory sandbox.”
PBoC launched its first pilot in Beijing in December 2019 to help licensed financial institutions and technology companies to comply with laws, regulations, and control risks.
According to the report, the goal is to explore the use of emerging technologies to drive financial innovation, empower finance to improve quality and efficiency and strive to improve the ability of financial services to the real economy.
The scope of the current fintech pilot program has been expanded to 9 regions. These include Beijing, Shanghai, Chongqing, Shenzhen, Xiongan New District, Hangzhou, Suzhou, Guangzhou, and now Chengdu.
Thus, China’s new digital currency pilot test has been carried out in cities similar to the fintech supervision pilot’s regions.