The development plan for China's financial technology in the next three years was officially unveiled, and on September 6, the central bank officially released the Financial Technology (FinTech) Development Plan (2019-2021) (hereinafter referred to as the "Plan").

The Plan begins by stating that

The development of FinTech by licensed financial institutions on the premise of legal compliance

is conducive to improving the quality and efficiency of financial services, optimizing the mode of financial development, building a solid financial security defense, and further enhancing the core competitiveness of finance.

The goal of the Plan is to establish and improve the "four pillars" of China's financial technology development by 2021, to further enhance the financial industry's ability to apply technology, to realize the deep integration of finance and science and technology, and to coordinate development, and to significantly enhance the people's satisfaction with digital, networked and intelligent financial products and services, so that China's financial technology development will be more effective. The financial and technological development of our country is at the leading international level.

The key tasks put forward in the Plan include six aspects, namely, strengthening the strategic deployment of financial technology, strengthening the rational application of financial technology, empowering the quality and efficiency of financial services, enhancing the ability to prevent financial risks, increasing the intensity of financial prudential supervision, and consolidating the basic support of financial technology.

The following are the main points of the Plan compiled by Surfing News:

1. Explore the establishment of financial technology subsidiaries and other innovative modes in accordance with the law.

2. Reasonably increase the proportion of financial technology personnel. Financial institutions should make true, accurate and complete disclosure of the number and proportion of IT personnel in their annual reports and other official channels.

3. Establish a sound enterprise-level big data platform to further enhance data insights and scenario-based data mining capabilities, and fully release the core value of big data as a fundamental strategic resource.

4. Promote the formation of a new pattern of data integration and application in the financial industry, and facilitate the construction of a national integrated big data center system.

5. Strengthen the integration and application of data resources between the financial and judicial, social security, industry and commerce, taxation, customs, electricity, telecommunications and other industries.

6. Guiding financial institutions to explore cloud computing solutions that are compatible with the characteristics of Internet transactions and match the requirements of financial information security.

7. Explore the relatively mature artificial intelligence technology in asset management, credit financing, customer service, precision marketing, identification, risk prevention and control and other areas of the application of paths and methods, to build the whole process of intelligent financial services model.

8. Promote the establishment of Artificial Intelligence financial application laws and regulations, ethical norms and policy system.

9. Promote the early and pilot implementation of distributed database products in a planned and step-by-step manner, and form typical cases and solutions that can be utilized and promoted, so as to explore the path for the comprehensive application of distributed database in the financial field.

10. Actively explore the application of emerging technologies in optimizing the credible environment for financial transactions, and steadily push forward the pilot verification and R&D of technologies such as distributed ledgers.

11. Create intelligent financial products and services that "read words" and "understand language.

12. Strengthen the use of artificial intelligence, mobile Internet, big data, cloud computing and other scientific and technological achievements, accelerate the improvement of the credit process and credit evaluation model in key areas such as small and micro enterprises, private enterprises and science and technology innovation enterprises, and guide the use of alternative data by credit agencies to assess the credit status of enterprises.

13. Study and formulate technical standards for barcode payment interoperability, unify barcode payment coding rules, build a barcode payment interoperability technical system, break down barcode payment service barriers, and realize mutual recognition and mutual scanning of barcode logos of different APPs and merchants.

14. Breaking through the performance bottleneck of the 1:N face recognition payment application, the licensed financial institutions to build the transfer and clearing mode with the face feature as the routing identifier, to realize the unity of security and convenience of the payment tool.

15. Dynamically monitor and analyze network traffic and network entity behavior, map the overall financial network security situation, accurately grasp the patterns and trends of network threats, realize global awareness of risks and anticipate and warn, and enhance the ability to respond to major network threats, major disasters and emergencies.

16. Guiding financial institutions to actively cooperate with the implementation of penetrating supervision, accurately submit operational data through system interfaces, and reasonably apply information technology to strengthen compliance risk monitoring.

17. Support universities and research institutes to study and establish a system of financial technology-related disciplines, and promote the cross-disciplinary integration of economics and finance, computer science, mathematical science and other disciplines.

18. Study the adjustment and improvement of the existing laws and regulations and policies that do not meet the requirements of the development of financial technology, promote the introduction of new technology in the financial industry application of the relevant laws and regulations, and when the conditions are ripe, the original legislative level of the lower level of departmental regulations, etc., in a timely manner to rise to the level of laws and regulations.