The People’s Bank of China (PBOC) has released its Fintech Development Plan for 2022-2025, which seeks to guide the development of fintech and the digital transformation of finance.
We found food for thought on the subject of predictive data analytics this week in remarks by Gary Gensler, Chair of the US Securities and Exchange Commission (SEC), before the SEC’s Asset Management Advisory Committee.
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.
The UK’s Financial Conduct Authority (FCA) has unveiled plans to establish a ‘regulatory nursery’ for newly-authorised financial services companies, creating a period of greater oversight and guidance as they develop.
The World Economic Forum (WEF), in collaboration with the Shanghai Advanced Institute of Finance (SAIF) has published a new white paper, ‘At a Crossroads: The Next Chapter for FinTech in China.’
The Financial Stability Institute (FSI) has published an Occasional Paper by Fernando Restoy on how regulation should encourage fair competition between traditional banks and new fintech and big tech players.
Amid the chaos that Covid-19 has wrought on the financial sector, it has also created an urgency to prioritise and deploy regulatory innovation and fintech initiatives.
With the centrality of technology and innovation to the financial sector only growing, the US’ SEC recently announced that the Strategic Hub for Innovation and Financial Technology, commonly referred to as FinHub, is to become a stand-alone office.
Fintech promises to revolutionise the financial sector, with efficiency, choice, and financial inclusion on the horizon. However, disruptive growth in finance needs to be supervised and regulated so risks are properly managed. That’s where regulatory sandboxes come in – they allow start-ups to trial innovations under the watchful eye of authorities.