China's central bank issues FinTech development plan

China has recently issued a plan on the development of FinTech in three years to fully deploy FinTech and promote high-quality development in the financial sector, said the People's Bank of China on its website, on Aug 22.

According to the plan, the country will construct the framework of FinTech development, further boost the applications of FinTech, and realize the deep integration and coordinated development of technology and finance by 2021.

The plan stresses the need to enhance the strategic deployment of FinTech and advance proper applications of the technology to make it a "new engine" for financial development.

Meanwhile, through the proper applications of FinTech, China will see diversified financial service channels and products, lower service cost and optimized financial services, which will benefit the people and healthy and sustainable development of the real economy.

The plan also highlights risk-prevention in the application of Fintech, calling for control of cyber risks and protection of financial information.

The country will intensify the regulation of FinTech and promote the sound development of FinTech with basic support from advanced technology and construction of regulations and standards, said the bank.