(Yicai Global) July 15 -- The People's Bank of China is enhancing its development plans for financial technology in order to prevent abuse of advancements, according to the central bank's technology head.
PBOC and other departments are exchanging opinions and will publish them in the near future, Shanghai Securities Daily reported today, citing Li Wei as saying on July 13.
A prime example of the potential problem is facial recognition payments, Li said. The face is typically exposed and is easily identifiable -- now from as far away as three kilometers -- so the right tools could easily collect facial recognition payments without the victim's consent, he added.
Coordinating fintech development is a complex task and PBOC will focus on building guidelines and principles, development targets and safeguard measures for the growth of financial technology over the next few years, Li continued.
Safeguarding financial security should be a top priority, he added, saying that the PBOC will strive to build a basic rules system for financial technology supervision and create a benign policy environment conducive to fintech development that drives away thieves and keeps advancements on the right track.
Managing applications of information technologies is critical and needs strengthening, Li said, adding that there should be regulations for cloud computing, artificial intelligence and blockchain. From a technical standpoint, safety management and business continuity should guide applications of information technology in the financial field, he continued.