PBoC to develop new fintech regulation

Fintech firms operating in China could soon be subject to new regulation, according to a statement from the country’s central bank.

On March 15, the People’s Bank of China announced it would “gradually set up a system of rules” for fintech. The central bank said it would look to “improve and innovate the regulatory mechanism and create a favourable policy environment for fintech development”.

The decision was taken at the PBoC’s Fintech Committee’s first meeting of 2019, led by deputy governor