August 22, 2019 / 9:07 AM / a month ago

China's central bank to issue fintech development plan, curb risks

BEIJING (Reuters) - China’s central bank said on Thursday it will issue a three-year development plan for the country’s financial technology (fintech) sector, in a move to support the fast-growing industry while fending off risks.

China aims to make its fintech sector globally competitive and use the industry as a “new engine” for country’s high-quality financial development, the People’s Bank of China (PBOC) said in a statement on its website.

Under a development plan for 2019-2021, China will improve the top-down design of the fintech industry, and strengthen risk controls, including an early warning regime on cross-market and cross-industry financial risks, the central bank said.

The development plan has yet to published.

The central bank in late July unveiled the first draft rules to regulate the country’s vast and often complex financial holding companies, which include fintech giants such as Ant Financial Services Group ANTFIN.UL, Tencent Holdings (0700.HK) and JD.com JD.O.

(The story corrects insert missing words in lead paragraph.)

Reporting by Cheng Leng and Kevin Yao; Editing by Simon Cameron-Moore

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