China sets up national fintech certification center in Chongqing

China has established a national fintech certification center in Chongqing municipality, according to the People's Bank of China (PBOC).

Fintech is a term used to describe financial technology, an industry encompassing any kind of technology in financial services.

The establishment of the center in Chongqing marked a significant step in the implementation of the Fintech Development Plan (2019-2021), and was an active measure to improve the regulatory framework for fintech, said Fan Yifei, deputy governor of the PBOC.

The center should aim at national strategic needs including innovation-driven development and the construction of the Chengdu-Chongqing economic circle, and build up its core competence by relying upon the national unified certification system for fintech products, he said.

It is expected to develop into a first-class, professional certification authority, serve as a "gatekeeper" for integrity, innovation, safety and compliance in fintech development, and strive to become a backbone in the joint governance system for fintech in China, thus empowering quality development of the financial sector, he said.