Chongqing releases first regulatory sandboxes, involving blockchain

Currently, the Chinese version of the “regulatory sandbox” has been expanded to 9 cities, including the starting city Beijing.

On August 7, the Chongqing Operation Management Department of the People’s Bank of China issued a public announcement on the pilot application of financial technology innovation supervision, or regulatory sandbox, in Chongqing (the first batch of 2020).

It publicly solicits opinions from the public on the five publicized application projects.

In terms of technology, the five applications involve cutting-edge technologies such as artificial intelligence, speech recognition, big data, blockchain, and 5G.

Among the 5 applications, 3 application types involve financial services, namely:

  1. Agriculture-related credit services based on multi-party learning (Chongqing Rural Commercial Bank, Tencent Cloud Computing)
  2. Smart banking services supporting Chongqing local dialects (Chongqing Rural Commercial Bank)
  3. 5G-based digital mobile banking services (Chongqing Bank)

The 2 application types are technological products, namely:

  1. Blockchain-based digital verification platform (National Internet Finance Association of China (NIFA), Xiamen Bank, Chongqing Fumin Bank, Wisdom BasS (boyachain.cn))
  2. “Panshi” Intelligent Risk Control Products (Du Xiaoman, China Everbright Bank Chongqing Branch)

Currently, the Chinese version of the “regulatory sandbox” has been expanded to 9 cities, including the starting city Beijing.

Shanghai, Chongqing, Shenzhen, Hebei Xiong’an New District, Hangzhou, and Suzhou, which were included in the pilot scope in April, and Chengdu and Guangzhou, which announced in July that they were approved to carry out the pilot project of financial technology innovation supervision of the People’s Bank of China.

Beijing, Shanghai, and Shenzhen have respectively publicized the list of pilot applications of the financial technology “regulatory sandbox”.

Among them, Beijing has announced two batches of 17 pilot application projects, Shanghai has announced the first batch of 8 applications pilot list, and Shenzhen has also released the first batch of 4 pilot projects a week ago.

In addition, according to the official website of the People’s Bank of China Hangzhou Center Branch on June 23, the solicitation of innovative application projects for the Hangzhou financial technology innovation supervision pilot program was officially launched.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/08/08/chongqing-releases-first-regulatory-sandboxes-involving-blockchain/.

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