China’s central bank says will gradually set up rules to regulate fintech
Written by OANN on March 16, 2019
Headquarters of the People’s Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee
March 16, 2019
SHANGHAI (Reuters) – China’s central bank said on Saturday it will gradually set up a system of rules to regulate fintech, and will fully utilize the technology to optimize the flow of credit and reduce financing costs for businesses.
The People’s Bank of China (PBOC), in a statement on its website, also said it would enhance the application of new technologies in regulation, and improve the ability to prevent risks.
(Reporting by Samuel Shen and Josh Horwitz, editing by Richard Pullin)