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March 11, 2019

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Greater role for fintech to help cut costs

CHINA will boost the role of financial technology in serving the real economy and forestalling financial risks, deputy governor of the central bank said yesterday.

Fintech is expected to help easing financial difficulties and lowering costs for private enterprises and small and micro-sized businesses, Fan Yifei, deputy governor of the People’s Bank of China, told a news conference on the sidelines of the annual legislative session.

Technologies like neural network can help address issues including information asymmetry and imprecise risk identification, he said, adding that the country will promote the construction of top-level information infrastructure and make financial regulation more technology-intensive.

The country has launched pilot programs for fintech application in 10 provincial-level regions, including Beijing, Shanghai and Guangdong, in late 2018, he said.


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