China's fintech boom a wake-up call for regulatory tech
An Alipay logo is seen at a train station in Shanghai, February 9, 2015. A deadline is looming for China's internet finance industry, as a one-year grace period for the fast-growing online lending market to comply with new rules expires in mid-August. At a dedicated session on financial technology and regulation, a major source of concern was how China can stay innovative without hobbling the fintech sector with new regulations. In fact, while fintech has hogged the limelight around the world over the past few years, its less glamorous cousin "regtech", or regulatory technology, has also started to gain attention in China. At conferences in Beijing and Qingdao in June, the director of the People's Bank of China's Financial Research Institute, Sun Guofeng, said China needs to develop regtech, especially through the use of cutting-edge technologies such as artificial intelligence, in order to make regulations work more efficiently and effectively.
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