China's Financial Regulators to Focus on Developing Regulation Technologies, Says Scholar
Yang Jiao
DATE:  Jul 31 2017
/ SOURCE:  Yicai
China's Financial Regulators to Focus on Developing Regulation Technologies, Says Scholar China's Financial Regulators to Focus on Developing Regulation Technologies, Says Scholar

(Yicai Global) July 31 -- China's regulators have started to focus on and study the development of regulation technologies (RegTech) suitable for the country, said a government-affiliated scholar.

Various academic meetings have been discussing the 'RegTech' extensively, said Zhang Chenghui, former head of the Finance Institute of the Development Research Center of the State Council, China's cabinet, at an internet finance forum on July 28.

"Traditional regulatory means are unable to adapt to the development of the internet as new technologies have changed the ways of processing information, information channels, risk control methods and decision-making process. Using information technology to deal with challenges in the regulatory field and understanding the impact of digital currency on the effectiveness of monetary policy deserve our attention," he stressed.

Regulators have made it clear that financial technologies should be regulated, which is substantially different from their previous stance, Zhang noted.

Strictly speaking, all companies that label themselves as financial firms and are finance-related should be monitored, he said. All financial businesses should be subject to regulation as finance has spillover effects. However, a lot of financial businesses are still unregulated, he reminded.

Follow Yicai Global on
Keywords:   Regtech,Financial Regulation,Financial Institutions,REGULATION,TECHNOLOGY