(Yicai Global) Dec. 6 -- The People's Bank of China has launched a pilot program of the so-called regulatory sandbox in Beijing to cultivate talent and bring forth new ideas in the fintech sector.
The central bank's program seeks to guide licensed financial institutions to use advanced technologies to improve service quality and operational efficiency while protecting consumer rights, the PBOC said in a statement yesterday.
Pioneered by the UK's Financial Conduct Authority in 2015, the regulatory sandbox encourages fintech startups to test their business models in a mini version of the real market amid looser regulatory environment.
Li Wei, head of the PBOC's technology department, said in late October that the central bank is developing the program while highlighting commercial banks' need of boosting competitiveness through digital transformation.
Editor: Emmi Laine