(Yicai Global) June 12 -- Fintech is ushering in accelerated development, but imbalances exist in various fields of fintech.
These mean a new fintech ecology must be built, an expert from China's central bank said recently.
In China, these imbalances of various degrees exist between fintech companies, fintech companies and financial institutions, fintech and regtech, and fintech development and financial consumer protection, Sun Guofeng, director of the Financial Research Institute of the People's Bank of China said at the 2017 Technology and Finance Development Forum held in Shanghai on June 10, as the official Xinhua news agency reported.
Fintech development involves fintech companies, financial institutions, regulatory authorities, consumers, intermediaries and self-regulatory organizations, and the relationship between these subjects forms a fintech ecology, Sun noted. A benign and interactive ecological environment will help fintech achieve healthy and sustainable development under the premise of controllable risk.
To achieve such an ecology, efforts must go to improving the existing legal system and fortifying fintech legislation, with the fintech industry to bear part of the regulatory costs, and governments and regulatory authorities should develop appropriate technical standards to improve market entry and exit mechanisms, Sun believes.
Regulators must tighten their protection of financial consumers' rights and interests, and intermediaries should provide professional services, while trade associations ought to be self-regulatory organizations, Sun added.