84% of banks in China vying for fintech supervision pilot application

Applicants include Industrial and Commercial Bank of China, China Construction Bank, Bank of Communications, SPD Bank, Bank of Shanghai, Shanghai Huarui Bank, China UnionPay, CCB Fintech, China Mobile, and etc.

On July 21, the Shanghai Head Office of the People’s Bank of China announced the first batch of eight pilot apps concerning financial technology innovation and supervision in Shanghai, which attracted applicants including Industrial and Commercial Bank of China, China Construction Bank, Bank of Communications, SPD Bank, Bank of Shanghai, Shanghai Huarui Bank, China UnionPay, CCB Fintech, China Mobile, and etc.

The eight pilot apps include four financial services apps and four technological apps, most of which are applied by banks, financial institutes and tech companies at the same time.

In March and June of this year, the Operation Management Department of the People’s Bank of China has publicized the details of the first and the second batches of the pilot apps in Beijing.

Currently, there are a total of 25 financial technology innovation and supervision pilot apps, 21 of which are related to banks, whose participation rate reaches as high as 84%.

In the area of technical application, technologies such as big data, artificial intelligence, and blockchain are the most widely adopted, and technologies such as biometrics, IoT, and API are less adopted among the pilot applications.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/08/03/84-of-banks-in-china-vying-for-fintech-supervision-pilot-application/.

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