People in the central bank: access to the “regulatory sandbox” must be licensed for Beijing 46

21st Century Business Herald Zhu Yingzi

How to understand the "regulatory sandbox"? Huo Xuewen, secretary of the Party Leadership Group and director of the Beijing Financial Bureau, said that he put financial innovation in the cage of the system.

On the afternoon of December 7, the Beijing Local Financial Supervision and Administration Bureau (hereinafter referred to as the "Beijing Financial Bureau") held a "Beijing Financial Technology Innovation Media Exchange Meeting" to disclose the latest progress of Beijing's financial technology application pilot and innovation supervision pilot.

For Beijing's financial technology applications:

Zeng Zhicheng, deputy director of the central bank's business management department, revealed at the meeting that the central bank's business management department together with the Beijing Financial Bureau, Zhongguancun Management Committee, and the Haidian District Government of Xicheng District formed a working group to formulate a pilot program, organize the application and selection of pilot projects, and finally Forty-six Fintech projects have been approved for trial by six national ministries and commissions, involving 77 participating institutions and enterprises.

Zeng Zhicheng told a reporter from the 21st Century Business Herald that the participating units are financial institutions and enterprises, and they are cross-organized. For example, the initiator of a project is composed of a bank and several companies, which involves many fields.

In terms of Beijing financial technology innovation supervision pilots:

How to understand the "regulatory sandbox"? Huo Xuewen, secretary of the Party Leadership Group and director of the Beijing Financial Bureau, said that he put financial innovation in the cage of the system.

Huo Xuewen pointed out that in carrying out fintech innovation pilots in Beijing, three points must be clear: first, there is an innovation bottom line, what can be done and what cannot be done; second, open up the innovation boundary and innovate financial services and products in accordance with certain rules The third is to achieve fintech innovation achievements, make truly effective innovation achievements benefit the society, realize inclusive finance, and provide some available innovation tools for financial supply-side structural reform.

Zeng Zhicheng explained that the central bank required to enter the “supervisory sandbox” must be a licensed institution, and some of the aforementioned 46 application pilot projects would enter the “supervisory sandbox”.

At the meeting, Li Yan, deputy director of the Beijing Financial Bureau, disclosed Beijing's "81 project" measures for developing fintech, namely a fintech development plan, a support policy system, a fintech and professional service innovation demonstration area, and a fintech Industry alliance, a fintech research institute, an innovative fintech supervision pilot, an international brand forum, a group of top fintech companies and industry leaders.

"We want to build a six-in-one fintech ecosystem." Huo Xuewen pointed out that one is planning documents; the other is policy support; the third is the standard system; the fourth is the certification system; the fifth is fintech institutions, enterprises, platforms, etc .; the sixth is Fintech talents.

On December 5, the central bank issued an announcement on “Starting the Pilot Work on Fintech Innovation Supervision” and stated that it supports the first pilot trial of fintech innovation supervision in Beijing. On the same day, the official website of the Beijing Financial Bureau disclosed that Beijing was the first country in China to launch a pilot of financial technology innovation supervision and explore the construction of a prudent and inclusive Chinese version of the “regulation sandbox”.

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