Fan Yifei: Financial standardization requires steady advancement in the development of digital RMB standards

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Fan Yifei, deputy governor of the central bank, believes that the improvement of the digital financial standard system should focus on new technologies, new formats and new models, and promote the development of legal digital currency standards in an open and inclusive manner.

Original Title: “Fan Yifei: Perfecting the Financial Standard System and Promoting the Development of Legal Digital Currency Standards”
Sorting out: Du Chuan Source: China Business News

Since the outbreak of the epidemic this year, the momentum of financial digital transformation has been strong. To support the digital transformation of finance, financial standards must be advanced.

On November 30, the National Financial Standardization Technical Committee (hereinafter referred to as the “Golden Standards Committee”) held the 2020 work conference and the fourth plenary meeting of the fourth committee. Fan Yifei, deputy governor of the People’s Bank of China and chairman of the Golden Standard Committee, pointed out at the meeting that financial standardization work must first meet the needs of financial governance modernization, and develop standards that are conducive to the development of financial technology innovation and meet the needs of financial governance; , To meet the needs of financial digital transformation; in addition, to meet the needs of financial inclusive services, standards must establish a bottom line in areas involving consumer safety and privacy and corporate legitimate interests.

In recent years, my country’s financial standardization system has become increasingly perfect and its implementation efficiency has been significantly enhanced, but there are still some problems and deficiencies. For example, the overall construction of financial standards is uneven and inadequate, the supply of financial data standards is obviously insufficient, the lack of professional research institutions for financial standards, and the shortage of financial standards talents.

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Fan Yifei said that the financial standardization work must implement a domestic and international dual cycle . The first is to increase participants and channels, promote market participants to participate in standardization international organizations, regional organizations, non-profit and commercial organizations as needed, and build a new pattern of multi-dimensional, multi-field, and multi-channel participation in the governance of international financial standards; the second is to strengthen the introduction , Going out, adopting international advanced applicable standards on a wider scale, making greater efforts to enhance China’s influence in the formulation of international standards such as mobile payment, digital currency, and green finance, and promoting the integrated development of Chinese and foreign standard systems; the third is to promote the openness of standard systems , Improve the internationalization of financial standards tracking, participation, linkage and sharing mechanisms, and support foreign-funded enterprises to participate in financial standardization activities fairly, thereby building a fair, efficient, open and transparent standardization ecosystem.

Fan Yifei emphasized that the financial standardization work service builds a new development pattern with the domestic big cycle as the main body and the domestic and international double cycles promote each other . The focus is to strengthen the top-level design and enhance the strategic positioning; improve the standard system to serve digital finance; strengthen application implementation and release standards Efficiency; Participate in international governance and establish a virtuous circle; optimize systems and mechanisms to build a solid foundation for development.

First, strengthen the top-level design and enhance the strategic positioning. Fan Yifei stated that it is necessary to formulate and publish the “14th Five-Year Plan” for financial industry standardization in light of the actual conditions of the financial industry, highlighting the fundamental and strategic role of financial standardization in the modernization of the financial governance system and governance capabilities.

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Second, improve the standard system to serve digital finance. Fan Yifei pointed out that it is necessary to clarify the standardization requirements of digital finance, pay attention to supplementing the basic general national standards related to people’s property safety, such as financial data security and information protection, to better support the real economy and prevent financial risks; focus on new technologies, new formats and new Mode, strengthen regulatory technology, compliance technology and other normative guide industry standards, steadily promote the development of legal digital currency standards in an open and inclusive manner; strengthen the supervision and management of financial organization standards, and regulate the orderly development of financial organization standards.

In addition, participate in international governance and establish a virtuous circle. Fan Yifei said that in strengthening the application and implementation, it is necessary to strengthen the role of financial standards in the implementation of laws and regulations, unblock the channels for regulatory rules to invoke financial standards, open up all links in the full life cycle of financial standards, and form a standard implementation incentive mechanism. Create a good atmosphere conducive to financial institutions knowing, using, and observing standards.

In addition, optimize the system and mechanism to build a solid foundation for development. Fan Yifei emphasized that we must adhere to openness and integration and actively participate in the formulation of international standards in the digital field. Strengthen the transformation of advanced and applicable international standards, explore bilateral and multilateral international mutual recognition forms and joint research mechanisms between domestic and foreign institutions, enhance the international influence of my country’s standards, expand the “Belt and Road” financial standards exchange circle of friends, and strengthen the connectivity of policies, rules, and standards. Improve the mechanism for promoting the internationalization of financial standards, and use think tank experts as the starting point to accelerate the reserve of international standardization talents.

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Finally, optimize the system and mechanism to build a solid foundation for development. Promote the formulation of financial standardization management measures, financial standard foreign language version management measures and other systems, and prepare for the establishment of a financial standardization institute to better meet the financial industry’s demand for standardized services. Promote the unified release of all financial industry standards, explore the construction of a financial standardization service platform, and promote the digital transformation of financial standard work. Continue to carry out financial standardization subject education, promote the synergy of industry, university, research and use, and improve the level of financial standardization talents in the new era.

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