China is adding a new region to its fintech pilot program

According to local news on July 20, People's Bank of China officially added Chengdu, the capital of China's Sichuan Province, to the list of regions with pilot surveillance of technological innovation.

Industry insiders believe that Chengdu's official approval will further accelerate fintech innovation and actively help Chengdu build a regional fintech hub with international influence.

The city reportedly focuses on big data, artificial intelligence, cloud computing and blockchain technologies.

Fintech innovation oversight is also known as a "regulatory sandbox". The central bank launched its first pilot program in Beijing, in December 2019, to help licensed financial institutions and technology companies comply with laws, regulations and risk controls.

According to the report, the aim is to explore the use of emerging technologies to drive financial innovation, to empower finance to improve quality and efficiency, and to strive to improve the performance of financial services for the real economy.

Currently, this project includes: Beijing, Shanghai, Chongqing, Shenzhen, Xiongan New District, Hangzhou, Suzhou, Guangzhou, and now also Chengdu.