On February 8, the people's Bank of China, the State Administration of market supervision, the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission issued the 14th five year plan for the development of financial standardization (hereinafter referred to as the plan). With regard to the main objectives, the plan proposes that by 2025, the standard system suitable for the modern financial system will be basically completed, the economic, social, quality and ecological benefits of financial standardization will be fully demonstrated, and the position and role of standardization in supporting the high-quality development of the financial industry will be more prominent.
Cui Lili, executive director of the E-commerce Research Institute of Shanghai University of Finance and economics, said in an interview with the Securities Daily that standardization in the service field is an important work in China at present, and as the financial industry with the widest coverage in the service industry, its standardization plays an unspeakably important role. Focusing on the deployment of financial technology standardization in the future, it puts forward the important objectives of financial technology standardization and the corresponding deployment of financial technology standardization in the field of financial life cycle.
The plan emphasizes that standardization leads the construction of digital ecology in the financial industry, and puts forward six aspects: steadily promoting the development of legal digital currency standards, steadily promoting the construction of financial science and technology standards, and systematically improving the standards of financial data elements.
steadily promote the development of legal digital currency standard
In terms of steadily promoting the development of legal digital currency standards, the plan proposes the construction of six major standards of digital currency, including information security, application standards, technical security, data specification and terminal acceptance. For example, the plan clearly points out that comprehensive consideration will be given to security and trusted infrastructure, issuance system and storage system, registration center, payment transaction communication module Terminal applications, explore the establishment and improvement of legal digital currency infrastructure standards.
\u3000\u3000 "On the one hand, the development of standards can strengthen the security of legal digital currency and lay a solid foundation for the subsequent popularization of legal digital currency; on the other hand, it can also promote the unification of legal digital currency in all links of issuance, circulation and return, so as to facilitate the subsequent adjustment and management on demand. In addition, through the formulation of various standards, the working mechanism related to digital currency can be coordinated Adjustment and effective operation can effectively help the gradual transition of digital currency from the current pilot stage to the comprehensive popularization and application stage. " Su Xiaorui, a senior analyst at Analysys, said in an interview with the Securities Daily.
At present, the pilot of China's digital RMB (central bank digital currency) is advancing steadily. The pilot of digital RMB has been carried out in Shenzhen, Suzhou, xiong'an new area, Chengdu, Shanghai, Hainan, Changsha, Xi'an and other places, which has effectively verified the technical design and system stability, product ease of use and scenario applicability of digital RMB business. According to the latest disclosed data, as of December 31, 2021, there were more than 8.0851 million digital RMB pilot scenarios, 261 million personal wallets were opened, and the transaction amount was 87.565 billion yuan.
It is worth mentioning that the pilot of digital RMB Winter Olympics scenarios is also steadily advancing. At present, 355000 Winter Olympics scenarios have been successfully implemented, realizing seven categories of scenarios: traffic outside the security red line of the Winter Olympics, catering and accommodation, shopping and consumption, tourism and sightseeing, medical and health care, communication services, ticketing and entertainment.
Yuan Shuai, Deputy Secretary General of the Rural Revitalization and Construction Committee of China Cultural Management Association, told reporters that with the opportunity of the Winter Olympics and under the guidance of the plan, the pilot scope and application scenarios of digital RMB in 2022 will be expanded further. Due to its digital, intelligent, programmable and diversified characteristics, digital RMB may also be well combined and innovated with physical systems such as Internet of vehicles, smart home, industrial Internet and new power system.
steadily promote the construction of financial technology standards
In steadily promoting the construction of financial technology standards, the plan proposes to strengthen the development and effective application of standards such as cloud computing, blockchain, big data, artificial intelligence, biometrics and the Internet of things, so as to lead the standardized and healthy development of financial technology. We will further implement the evaluation criteria for financial science and technology development indicators to provide support for self regulatory organizations to release development indicators in real time. Promote the construction of scientific and technological ethics governance standard system in the financial field.
In this regard, Wang Peng, an assistant professor at Renmin University of China, told reporters that in recent years, financial technology has had a profound impact on the financial industry, but at the same time, there are risks such as disorderly competition and data leakage. In the final analysis, our relevant standard system, laws and regulations have not kept up. The introduction of the plan puts forward many requirements for the construction of financial technology standards. On the one hand, it helps to solve various problems and loopholes existing in financial technology in reality; On the other hand, with standards and norms, it is conducive to the standardization, institutionalization and legalization of the financial technology industry, more conducive to enabling the real economy, and also conducive to the interconnection of inter agency data in the future.
In addition, the plan also proposes to speed up the implementation of correspondence data standards in the construction of financial science and technology standards to promote the steady development of correspondence digitization. "Letter of credit is the main bill involved in financial business, with a wide variety and huge quantity, which takes up a lot of labor costs, especially in the banking industry. A large number of businesses need to be based on letter of credit or continue to generate new letter of credit. The establishment of this standard will effectively promote the standardization of electronic letter of credit and automatic processing products or schemes, accelerate the expansion of application in the whole industry and promote the establishment of the industry The correspondence data exchange platform is conducive to reducing the cost and improving the efficiency of banks. " Zheng Lei, chief economist of Baoxin finance, believes that.
The reporter noted that China is steadily promoting the digitization of bank correspondence with the help of financial science and technology. Last December, the bank letter blockchain service platform jointly built by Boca and CICPA was officially put into use. CBA said that in the next step, under the guidance of supervision, it will fully promote commercial banks and accounting firms to accelerate the progress of relevant work, realize the business operation as soon as possible, and support the large-scale application demand of e-mail in the audit peak season of 2022.
systematically improve the financial data element standard
In terms of systematically improving the standards of financial data elements, the plan points out that it is necessary to coordinate the development and utilization of financial data, public security, trade secrets and personal privacy protection, and accelerate the improvement of standards and norms such as property rights of financial data resources, transaction circulation, cross-border transmission and security protection.
At the same time, we will improve the financial big data standard system and explore and formulate supporting standards for technological innovation such as financial big data collection, cleaning, storage, mining, analysis and visualization algorithms. Formulate financial data quality, desensitization, classification and other standards. Formulate financial data application modeling, metadata, algorithm evaluation and other standards. Formulate business data standards such as customer interaction behavior data collection in the banking industry.
Yuan Shuai told reporters that the financial data element standard is an important technical basis for financial activities and plays a basic supporting role in the open sharing, standardized use and risk management of financial data. It is of great significance to systematically improve the standards of financial data elements, let the regulatory authorities supervise the risks of financial markets and loan business in advance and in process, and eliminate the signs of risks in the embryonic stage. It will also be conducive to the compliance operation of financial business, including information disclosure, information acquisition, complaint handling and dispute resolution More standardized basis.
Pan Helin, member of the information and communication economy expert committee of the Ministry of industry and information technology and executive director of the Digital Economy Research Institute of Central South University of economics and law, believes that improving the data element standard is mainly to open up the circulation channels of data elements, promote the development of banks to open banks, break the data monopoly, promote data circulation and bring the circulation and transaction of data elements into the specification, Formulate detailed standards in each link of data element circulation to ensure the security of data while promoting the circulation of data elements. And through the standardization of data elements, make the data easier to trade and promote the flow of data elements to the demand side.
