Blog: Fintech Laws and Regulations Report 2022 The FinTech Regulatory Regime in China - ICLG.com

1. Definition of FinTech The Financial Stability Board ("FSB") defines Financial Technology ("FinTech") as "technologically enabled innovation in financial services that could result in new business models, applications, processes or products with an associated material effect on financial markets and institutions and the provision of financial services".1 Such definition has been recognised worldwide, including by the People's Bank of China (the "PBOC"), which is the forerunner in regulating FinTech in China and has referred to such FSB definition in its FinTech Development Scheme (2019-2021) (《金融科技（FinTech）发展规划（2019-2021年）》, the "PBOC FinTech Development Scheme") issued in August 2019. To fully understand FinTech and its…