China's central bank has established a fintech committee to study the impact of financial technology on monetary policy, financial markets, stability, payment and clearing mechanisms.
According to the central bank the objective of the new fintech committee is to, "organize in-depth research into the influence of fintech development on areas including monetary policy, financial markets, stability and payment clearance".
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The bank says it "will further strengthen exchanges and co-operation at home and overseas, establish and improve the financial and technological innovation management mechanism that is suitable for China's national conditions, handle the relationship between safety and development, and guide the proper use of new technologies in the financial field".
The central bank says that this fintech revolution has "injected new vitality" into financial services but also throws up "challenges". The central bank will step up use of measures such as big data, artificial intelligence and cloud computing to increase its capability to recognize, prevent and reduce cross-sector and cross-market financial risks.
The bank says that it also wants to cooperate with other parties, both at home and overseas to promote the "healthy and orderly" development of China's fintech ecosystem.
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