China Payment And Clearing Association: Internet Financial Innovation Needs Enough Attention.

Cai Hongbo, executive vice chairman of the people's Bank of China, < a href= "//www.sjfzxm.com/news/index_c.asp" > China payment and clearing Association < /a >, said at the high-level forum of China's payment system development, the innovation of Internet finance needs to be given enough attention. If it fails to guard against the larger risks behind it, it is a defect of innovation. P Two dimensional code payment is still to be discussed in terms of security and non repudiation. After the establishment of the relevant standard system, it is possible that the authentication can be done after reaching the standard. < /p >
< p > Cai Hongbo stressed that for financial supervision, as long as the business is the same, the principle of uniform standards should be implemented, including online and offline regulatory principles should be consistent. In recent days, the central bank suspended the bar code (two-dimensional code) payment and the virtual credit card. He pointed out in particular: "Internet financial innovation needs to be given enough attention. If it fails to guard against the larger risks behind it, it is an innovation with defects." < /p >
< p >, he said, "a href=" //www.sjfzxm.com/news/index_c.asp "> bank card < /a > hairpin needs to be signed, not the special regulatory requirements of China. The virtual credit card eliminates and weakens the links of authentication, which brings risks from the aspects of compliance and security. While the technical standard of two-dimensional code is missing, although there is a certain degree of security, there is no uniform argument whether it can reach the standard of financial payment. "Two-dimensional code payment in terms of security, non repudiation and other aspects of the transaction need to be discussed. After the establishment of relevant standard systems and so on, I think it is possible to do so after the appraisal is reached." Cai Hongbo said. < /p >
< p > when it comes to his views on Internet finance, Cai Hongbo said, < a href= "//www.sjfzxm.com/news/index_c.asp" > Internet < /a > Finance is innovation and risk concomitant with each other, mutual balance and mutual innovation. For Internet finance, innovation is the impulse of the Internet side and the constraint of risk on the financial side. < /p >
< p > Cai Hongbo stressed that for financial supervision, as long as the business is the same, the principle of uniform standards should be implemented, including online and offline regulatory principles should be consistent. In addition, we should insist on self-discipline and strengthen self-improvement in the market. "For a market, if self-discipline is well done, the flexibility of regulation will be great. Otherwise, the intensity of supervision will be large and rigid. Therefore, the market needs to increase self-discipline. < /p >
< p > Cai Hongbo said that the next step of the trade clearing Association will be to encourage members to strengthen self-discipline and regulation, to strengthen the research on innovative services, and to carry out rectification and improvement to the innovation and coordination of obvious violations and obvious unfair. < /p >
At P's forum today, Guo Tianyong, director of the China banking research center of Central University of Finance and Economics, has also released the reform and innovation of China's modern payment system. In his speech, Guo Tianyong pointed out that finance is originally a business risk. If we care too much about risks, we may stifle innovation. < /p >
Compared with Cai Hongbo and Guo Tianyong, P emphasizes the tolerance of innovation. He said regulators should distinguish systemic risk or non systemic risk, quantify risk and evaluate the internal control ability of different organizations. < /p >
< p > "when regulators introduce the management measures of Internet financial products, we should find a balance between the risk of innovation itself and the interests of consumers. We must grasp the two bottom line: first, the implementation of regulation can not be based on containing innovation and reducing financial efficiency. Second, the implementation of regulation can not be a tool to protect vested interests. We should gradually open the payment and clearing market in the future. Guo Tianyong said. < /p >