“Regulatory Sandbox” Pilots Lead the Country in Beijing to Accelerate the Construction of a Global Fintech Innovation Center

The Beijing Financial Technology Innovation Supervision Working Group has recently announced the first batch of three innovative applications in Beijing that have completed the test of financial technology innovation supervision tools, marking the completion of the Beijing financial technology innovation supervision pilot to complete the full-process closed-loop test of innovative supervision tools, and China’s financial technology supervision The implementation of the framework has achieved initial results.

It is learned from the 2021 Financial Street Forum Annual Meeting that Beijing is becoming a new highland where the financial technology industry is concentrated and the innovation leading effect is prominent. In the 2020 Global Financial Technology Center Cities Report ranking, Beijing ranks first in the world. Beijing will take the opportunity of developing a benchmark city for the global digital economy to accelerate the creation of a financial technology innovation center with global influence.

The first batch of results officially “out of the box”

Product manufacturing, quality inspection, inventory, logistics, sales and other full-life cycle characteristic data are collected and recorded on the blockchain, and connected to the bank’s Internet of Things service platform and enterprise intelligent management system, and the entire chain of product quality control and information can be realized Transparency; close integration of blockchain technology and supply chain, banks help small, medium and micro enterprises on the chain to effectively finance; embed financial services into the consumer Internet and industrial Internet to improve the efficiency and quality of financial service delivery while ensuring safety and compliance sex……

Recently, the three innovative applications of Industrial and Commercial Bank of China “IOT-based Item Traceability Certification Management and Supply Chain Finance”, Bank of China “Blockchain-based Industrial Financial Services”, and CITIC Baixin Bank’s “AIBank Inside Product” have experienced more than six innovative applications. The month’s online operation completed the full-process closed-loop verification of financial technology innovation supervision tools, and the projects included in the financial technology innovation supervision pilot work were successfully “out of the box” for the first time.

As early as December 2019, with the support and guidance of the People’s Bank of China, Beijing took the lead in launching a pilot program for the supervision of financial technology innovation, which is commonly known as “sandbox supervision.” On January 14, 2020, the first batch of innovative applications was announced to the public. Beijing has announced a total of 22 applications in 3 batches, maintaining a national lead in the number of innovative applications, technical application scenarios, and diversification of applicants. In April 2021, on the basis of the staged collection of financial technology innovation applications, the Beijing Financial Technology Innovation Supervision Working Group announced to the public to launch a long-term collection of innovative applications.

The relevant person in charge of the financial regulatory agency believes that the successful completion of the testing of the first batch of Beijing’s financial technology innovation regulatory tools is conducive to the gathering and development of financial technology companies, and it will help Beijing build a world-class financial technology ecosystem and form a financial technology with global influence. The industry is of great significance.

Nearly 400,000 digital coin Winter Olympics scenes landed

“You can take the subway for 1 cent. The digital renminbi is really’too fragrant’!” Ms. Shi, a citizen, excitedly took a screenshot of the itinerary page showing the “paid 0.01 yuan” on her mobile phone, and posted a circle of friends. Beijing has recently launched a new round of digital renminbi pilot activities, focusing on transportation scenarios, and more and more citizens are enjoying the convenience brought by digital renminbi.

It is reported that the purpose of carrying out this event is to further promote the construction of the digital RMB in the Beijing Winter Olympics, deepen the application and innovation of financial technology and financial services in the field of people’s livelihood, improve the wisdom of the “Double Olympic City”, and help Beijing build a benchmark for the global digital economy city. Beijing has already launched two rounds of digital renminbi pilot activities. Citizens have actively opened digital renminbi accounts and merchants have also actively opened digital renminbi payment methods. From paying for consumption to government affairs for people’s livelihood, the digital renminbi is accelerating its way into citizens’ lives.

Focusing on the construction of the Winter Olympics and international consumption centers, Beijing has steadily promoted the full-scenario application of digital renminbi, and carried out the most extensive and in-depth stress test on the use of digital renminbi. Liu Yuling, member of the Party Committee and Deputy Director of the Operation Management Department of the People’s Bank of China, introduced that around the Beijing 2022 Winter Olympics to promote the pilot application of digital renminbi in more scenarios, nearly 400,000 Winter Olympic scenarios have been successfully implemented, realizing transportation, catering and accommodation, etc. Seven types of scenes are fully covered.

According to Huo Xuewen, Secretary of the Party Leadership Group and Director of the Municipal Financial Supervision Bureau, the pilot application of the Beijing Digital RMB Winter Olympics is steadily advancing. The number of whitelisted users in the city accounts for 15% of the country’s total, and the number of pilot scenarios accounts for 20% of the country. In 2021, Beijing’s goal is to expand the digital renminbi application scenario to “1 million+”, and under the guidance of the People’s Bank of China, it will explore the first application of digital renminbi in prepaid management, supply chain finance and other social governance and industrial chain finance fields.

Strive for leading breakthroughs in the frontier field

In recent years, Beijing has built the country’s first national-level financial technology demonstration zone, gathering a number of top think tanks and leading companies in the financial technology field, the central bank’s digital currency research institute, the national financial technology certification center, the national digital financial technology testing center, and the national financial technology testing center. A number of important infrastructure institutions, such as the Financial Standardization Institute, Financial Gateway, and Net Union Clearing, have landed in Beijing. Beijing will focus on digital economy, digital finance, and regulatory technology to build a financial technology innovation center with global influence.

In the next step, Beijing will promote the “regulatory sandbox” in-box mechanism to be more market-oriented and inclusive, provide more room for experimentation in the development of new business formats, new models, and new technologies, and enrich the participants in the “regulatory sandbox”. Focus on financial institutions, and gradually attract more technology companies and even foreign-funded institutions to participate. Beijing will also steadily increase the flexibility and demonstration effect of the “supervisory sandbox”, explore the expansion of testing from the initial physical area to the scope of industry services, and enhance the social promotion capabilities of pilot projects.

Application scenarios are the best “catalyst” to promote the development of financial technology. Huo Xuewen revealed that the city ​​will further build a normalized financial technology application scenario docking and publishing mechanism, and encourage and support the wide application of underlying technologies, general technologies, and regulatory technologies through various forms such as roadshow exchanges, unveiling the leaderboard , nurturing and coaching, and precise docking. The financial sector. Beijing will also take advantage of scenarios such as the Winter Olympics to take the lead in cutting-edge fields such as digital renminbi, and strive for leading breakthroughs.

Beijing is building a financial technology innovation demonstration zone based on Financial Street, a national-level financial technology demonstration zone, and Lize Financial Business District. According to Huo Xuewen, the city will further increase its efforts to cultivate and introduce talents, and is actively linking up with major universities to introduce industry mentors, jointly building practice bases, and actively creating a highland of financial technology talents.

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