The central bank issued the 13th Five-Year Plan for Information Technology in the Financial Industry, with financial technology becoming a research focus

In terms of research team building, in May this year, the central bank announced the establishment of a Fintech Committee, aimed at strengthening research planning and overall coordination of Fintech work.

Luwang reported on June 28 that the central bank's website released a message on June 27 that the central bank recently issued the "13th Five-Year Plan for the Development of Information Technology in China's Financial Industry" (hereinafter referred to as the "Plan"). The "Plan" mentioned that during the "13th Five-Year Plan" period, it is necessary to strengthen the research and application of financial technology (Fintech) and regulatory technology (Regtech); steadily improve system architecture and cloud computing application research; deepen innovation in the application of big data technology; standardize and popularize the application of Internet finance-related technologies; and actively promote research on the application of new technologies such as blockchain and artificial intelligence.

It is worth noting that the central bank is paying more and more attention to the application and development of new Internet financial technologies. On June 8, the central bank and five other ministries and commissions jointly issued the "Financial Industry Standardization System Construction and Development Plan (2016-2020)", which also proposed to increase the dispatch of counterpart experts in key areas such as mobile financial services, non-bank payments, and digital currencies, and strive to lead the development of 1-2 international standards.

Xue Hongyan, senior researcher at Suning Financial Research Institute, said that currently, the integration of financial services and technology is becoming more and more obvious. How to safely and efficiently realize the transformation of the driving force of financial services from channels to technology is an important issue that needs to be considered in order for the financial industry of all countries to achieve sustainable development and maintain competitiveness.

In terms of research team building, in May this year, the central bank announced the establishment of a financial technology committee to strengthen the research planning and overall coordination of financial technology work. Some analysts pointed out that after the Internet finance cleanup and rectification was extended for one year, the regulatory authorities regulated the development of Internet finance and paved a further way for Internet finance or financial technology, technology finance, etc.

Xue Hongyan pointed out that cloud computing, big data, blockchain, artificial intelligence, Internet technology and regulatory technology are all mainstream and hot technology applications in the field of financial technology at this stage, and are also core technologies that are expected to reshape the financial industry's models and processes in the next five years.

It is worth noting that the cooperation between major Internet financial giants and banks has become a trend, and financial technology has become the main direction of cooperation. Xue Hongyan pointed out that at present, from the regulatory level to the institutional level, everyone is fully aware of the importance of financial technology. There is reason to expect that during the 13th Five-Year Plan period, the integration of my country's financial business and financial technology will achieve breakthrough progress and promote the reform and development of the financial industry.

With the development of financial technology, regulatory technology has also become a hot word. In the "Plan" of the central bank, it is also mentioned that the research and application of regulatory technology should be strengthened.

Regulatory technology can be defined as the organic combination of technology and regulation, and its main function is to use technology to help financial institutions meet regulatory compliance requirements. Xue Hongyan said that with the rise of new finance, financial institutions have grown exponentially, and have the characteristics of rapid iteration and full network diffusion, which has challenged the traditional regulatory means that rely on data reporting by regulated institutions and irregular on-site inspections. In this context, regulatory technology has been put on the agenda.

"At this stage, in the supervision of some Internet finance institutions, a risk warning system based on system docking and public data mining has emerged, which is a preliminary application of regulatory technology. With the access of more data information and the application of technologies such as artificial intelligence and blockchain, regulatory technology will have more forms. The development of regulatory technology will greatly improve regulatory efficiency and provide new solutions for further improving efficiency while ensuring industry safety, which in turn will promote better development of the industry." Xue Hongyan further pointed out. (Beijing Business Daily/Yan Jin Liu Shuangxia)