The People’s Bank of China has officially added Chengdu, the capital of China’s Sichuan province, to the list of regions conducting fintech innovation monitoring pilots, according to local news on July 20.
Industry experts believe that the official approval of Chengdu will further accelerate fintech innovation and actively help Bitcoin Era Chengdu build a regional fintech center with international influence.
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The city reportedly focuses on big data, artificial intelligence, cloud computing and blockchain technologies. It is accelerating the construction of limited local financial regulatory environments to improve local financial regulatory capabilities and service levels.
Fintech and regulation
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Fintech’s innovation monitoring is also called the „regulatory sandbox“ of fintech. The central bank launched its first pilot in Beijing in December 2019 to help licensed financial institutions and technology companies comply with laws, regulations and risk control.
The goal, according to the report, is to explore the use of emerging technologies to drive financial innovation, leverage finance to improve quality and efficiency, and strive to improve the capacity of financial services for the real economy.
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The scope of the current fintech pilot programme has been extended to 9 regions. These include Beijing, Shanghai, Chongqing, Shenzhen, Xiongan New District, Hangzhou, Suzhou, Guangzhou and now Chengdu, the news says.
As Cointelegraph reported earlier, China’s new digital currency pilot has been conducted in cities similar to the financial technology monitoring pilot regions.