Caixin reported (August 6) that the People’s Bank of China (PBOC) took another step forward in its strategy to build a digital central bank by setting up a financial technology subsidiary, Chengfang Financial Technology Co. Ltd. The latter will help drive the government’s broader goal of modernizing the financial system, boosting innovation and improving governance. The Chengfang Financial Technology Co. Ltd. was established on July 30, in Beijing by five institutions and companies controlled by the PBOC with registered capital of about 2 billion yuan ($287 million), according to the National Enterprise Credit Information Publicity System. The company’s main businesses include software development, technology consulting and services, data processing, computer system services, and leasing and sales of equipment, according to its registration documents.
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