China to launch “new era” fintech development plan
A senior official from the People’s Bank of China has spoken of the imminent release of a new fintech plan, aiming to guide the stable development of the sector and accelerate digital transformation. In remarks earlier this month at the 2021 China (Beijing) Digital Finance Forum, Deputy governor Fan Yifei outlined a fivefold path for fintech. Interestingly, this emphasizes the importance of data, with Fan stating: “Financial institutions must focus heavily on data work, fully unleash their data potential, and ignite the ‘data engine’ for financial digital transformation.” It also covers consolidating digital infrastructure, research and development of digital currencies, developing digital loans, and overcoming digital divides.
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