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China Calls For Cooperation To Ensure Global Consensus on FinTech Regulatory Framework

27 Jan 2020 β€” China Calls For Cooperation With US and Europe To Ensure Global Consensus on #FinTech Regulatory Framework

One of the sessions entitled, β€œStrengthening the Financial and Monetary System” during the World Economic Forum, Davos 2021 yesterday, saw Gang Yi, Governor of the People’s Bank of China responded to the moderator, Roula Khalaf, Editor of the Financial Times on the benefits of #China’s #FinTech revolution and how can the central bank at this stage, ensures that tight regulation will not do more harm than good.

1. The ownership of data that protects consumer privacy and the safeguard from monopoly power abuse are very important.

2. People’s Bank of China, in the past decade has been consistently supporting financial innovation, especially in the FinTech area, including mobile payment services, inclusive finance services, micro loans and etc.

3. It is crucial to have an environment that encourages financial innovation but at the same time, the legal framework has to be very clear.

4. To reach a common consensus of the regulatory framework that would be beneficial to everyone, especially to the low income people through international cooperation with Europe, US and other developing countries.

Watch full session: https://lnkd.in/gT5NCyg

#Propine #WEF #DAVOS2021


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