The regulatory pilot project for fintech innovation by Bank of China was introduced in the year 2019, in its capital city of China, Beijing, but on April 27, 2020, the bank has <a href="http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4014870/index.html" target="_blank" rel="noopener">announced</a> to extend its project in six more cities of the country.

With the aim to enhance the financial services of the country, the bank is planning to launch its regulatory pilot project in Shanghai, Chongqing, Shenzhen, Hebei Xiong'an New District, Hangzhou and Suzhou.
<h2>Fintech Project Protects Consumer Rights</h2>
According to the Bank of China, the regulated fintech innovation projects would protect the rights of the consumer. Simultaneously, the project would also help the small private enterprises to survive the financing difficulties that occur at the time of the pandemic.

While making the announcement, the bank of China has stated that amidst the pandemic situation it intends to help the enterprises to restart their work and production of goods.
<h2>Bank Of China’s Fintech Development Plan</h2>
In the year 2019, soon after the Central Economic Work Conference was held, the Bank of China published the outline for The Fintech Development Plan (2019-2021). The outline of the plan mentions the area fintech project would have to cover in just three years. The project would look after the guidance ideology, its basic principles, what are the targets for the development, their key mission and guarantee mechanisms.

The Fintech Development Plan’s outline also explained that in these three years of tenure, the Bank of China would not only strengthen the regulations for fintech but also would improve its basic rules.

According to the Plan, by the year 2021, China would set up and enhance the four beams and eight pillars for fintech development.

Fintech team would have to stimulate the drafting of basic regulatory rules, then they would have to monitor the assessment work, analyze the regulatory mechanism of fintech innovation etc.

Currently, the Bank of China has not given any detail regarding the expansion of its pilot project.

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Bank Of China Extends Fintech Regulatory Pilot Project In Six Cities

The regulatory pilot project for fintech innovation by Bank of China started in the year 2019, would now be extended in six more cities of China.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Bank Of China Extends Fintech Regulatory Pilot Project In Six Cities

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