What’s new: China is expanding pilot regulations aimed at encouraging innovation in the financial technology sector to six more parts of the country, the central bank announced (link in Chinese) Monday.
The initiative, also known as a “regulatory sandbox,” was first launched in Beijing in December and has now been extended to the cities of Shanghai, Chongqing, Shenzhen, Hangzhou and Suzhou, as well as to the Xiong’an New Area, a much-anticipated new economic zone, the People’s Bank of China said.
The projects form part of China’s three-year plan for fintech development.
The background: The Beijing program monitors fintech developments in the internet of things, big data, artificial intelligence and blockchain sectors, allowing innovation to take place in a separate environment from the wider financial market in a bid to reduce risks.
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Contact reporter Timmy Shen (hongmingshen@caixin.com) and editor Matthew Walsh (matthewwalsh@caixin.com)
