China focuses on fintech with new central bank committee
The People's Bank of China (PBOC) has established a committee to oversee the impact of the country's expanding fintech industry on monetary policy, payment and clearing, according to a statement issued on the central bank's website. By increasing its use of big data, artificial intelligence and cloud computing technologies, the committee will strengthen its ability to protect against, and resolve, cross-market financial risks, the PBOC added. The committee is expected to oversee cross-border payments and international exchange for China's "Belt and Road" cross-border trade scheme, according to Li Ying, a senior researcher at Bank of Communications in Shanghai.

Fintech firms use new technology to compete in the marketplace of traditional financial institutions such as banks and insurers. Photo: iStockphoto