On June 8, the People's Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission, China Insurance Regulatory Commission and the State Standards Commission jointly issued the "Financial Industry Standardization System Construction and Development Plan (2016-2020)" (Yinfa [2017] 115)(hereinafter referred to as the "Plan"). It clearly puts forward the guiding ideology, basic principles, development goals, main tasks, key projects and safeguard measures for the standardization of the financial industry during the 13th Five-Year Plan period, and proposes to focus on promoting five projects, including the standardization project of Internet finance.
The Plan sets forth four major tasks for the standardization of the financial industry. First, establish a new standard system for the financial industry, covering financial products and services, financial infrastructure, financial statistics, financial regulation, risk prevention and control. Second, we will strengthen the implementation of standards in the financial sector and give full play to the role of the government, industry associations, certification bodies and enterprises. Third, the establishment of financial industry standards supervision and evaluation system, classified supervision of the implementation of mandatory standards and recommended standards; Fourth, we will continue to promote international standardization of finance. In key areas such as mobile financial services, non-bank payment and digital currency, we will increase the number of experts dispatched to lead the development of one or two international standards.
In addition, the plan also put forward five key projects, including: financial risk prevention and control standardization project, green finance standardization project, Internet finance standardization project, financial standard certification system construction project and financial standardization basic capacity construction project.
The Plan is a continuation of the financial reform during the 12th Five-Year Plan period. During the 12th Five-Year Plan period, our financial reform was carried out orderly, and the standard system of banking, securities and futures, insurance and printing was basically established; We issued 96 national and industrial standards for the financial industry, improving both the quantity and quality of these standards. Organized more than 10 standardized training sessions, established standard testing and certification mechanism, and achieved significant underwriting of standard implementation; The Gold Standard Commission has set up 7 special working groups and formulated 26 systems in 5 categories. The standardization work of the financial industry has been continuously optimized. 43 experts have been sent to join the 21 working groups of ISO/TC68.
During the 13th Five-Year Plan period, more emphasis was placed on the promoting role of fintech and the standardized development of Internet finance. For example, bitcoin and ether, which take blockchain as the underlying technology, will be given a complete regulatory framework in law as soon as possible from the perspective of institutional construction, so as to promote the healthy development of the whole blockchain industry.
With the introduction of financial policies one after another, Internet finance, including third-party payment, crowdfunding and online lending, has entered a stage of deep development. For Internet finance platforms, the simple market grab and the increase in the number of platforms have been transformed into quality competition.
The first is the application of underlying fintech. Take Cloud money Bag as an example. Through the application of fintech, the dynamic real-time performance of cloud money bag is marked on the technical architecture system of the overall micro service, which can quickly complete the highly concurrent online matching purchase process. Real-time matching algorithm matching speed can reach 50 lenders per second to provide real-time matching services. Cloud Moneybag has also expanded from a common single application to a large distributed matchmaking trading system with 100 micro services.
The second is to improve the quality of service, establish an effective communication mechanism with users, and quickly respond to users' questions and feedback through various channels. Through the real-time application of telephone, wechat, QQ and other communication tools, cloud Money Bag can meet the needs of users to the maximum extent.
In addition, compliance development is particularly important for Internet finance platforms. For an online lending platform like YunQianbagao, risk control, bank management, website disaster prevention and other security guarantees are particularly important. To be responsible for users is to be responsible for the future of the enterprise, and to benefit more areas and people with the results of Internet finance is the vision of Cloud Moneybag.
