The European Chamber’s Consumer Finance & Non-Banking Financial Institutions Working Group is delighted to invite you to the Working Group Meeting “Executive Updates on People’s Bank of China’s Central Bank Digital Currency and Fintech Development Plan (2019-2021) mid-term” which is to take place on Friday 28th August 2020, 14:30-15:45 pm CST.
Register online or email Charlotte Svensson at csvensson@europeanchamber.com.cn before 27th August, COB. You will receive a confirmation email containing the link to join the meeting via Zoom after registration closes the day before.
Recently, the PBoC has confirmed it will pilot its central bank digital currency (CBDC) in a number of districts and plans to roll it out at the Beijing Winter Olympics in 2022, and the PBoC’s Digital Currency Research Institute confirmed “closed pilot tests” would be conducted in Shenzhen, Suzhou, Xiong’an New District and Chengdu.
In addition, the Chinese government has been strictly regulating fintech business over the last few years. Detailed policies and guidance have been introduced to support the continuous growth of fintech business and to ensure that it is under proper supervision. Consequently, many small fintech companies have been wiped out of the market because of the increasing compliance cost, while big ones have survived. Meanwhile, the government encourages financial institutions to adopt new information technologies. The People’s Bank of China (PBOC) released the Fintech Development Plan (2019–2021) which states the national framework policy for the development of fintech business. The Plan encouraged the development of fintech solutions by using various digital technologies and fintech business will be regulated in a “prudent” manner in order to control the risks associated with information security, transaction security and business continuity. In this context, small P2P lending platforms died out, while bigger and more prudent players continued to grow. Specialised technology companies, including those which provide IT solutions to financial institutions, are developing fast.
At this meeting, Mr. MU Changchun, Director-General of the Digital Currency Institute, People’s Bank of China will update members on the roll out of their Central Bank Digital Currency pilots and the implementation of their Fintech Development Plan. Members will also hear about the PBOC's perspective on regulation of selling financial products through digital channels in China, touching upon the question whether enough regulation has been implemented to ensure stability and consumer protection or if China might have to loosen a bit to bring more competition? He is joined by working group members Ms Nicole Chen, Managing Director, Refinitiv and Mr. Greg Van den Bergh, CEO Ambr Payments, who will offer their insight on the fintech development scene for European companies operating in China.
Tentative Agenda:
14.30 Welcome remarks
14.35 Presentation by Mr. MU Changchun, Director-General of the Digital Currency Institute, People’s Bank of China
14.50 Presentation by Ms. Nicole Chen, Managing Director, Refinitiv
15.05 Presentation by Mr. Greg Van der Berg, CEO, Ambr Payments
15.20 Panel discussion and Q&A session
15.45 Closing remarks