Stock Groups

Chinese banks, insurers urged to step up digitalisation -Securities Times -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILE PHOTO – Surveillance cameras were seen at the China Banking and Insurance Regulatory Commission building (CBIRC), Beijing on December 13, 2018. Picture taken December 13, 2018. REUTERS/Stringer

SHANGHAI, (Reuters) – Chinese regulators urged insurers and banks to demonstrate clear progress towards their digital transformation by 2025. This was reported Thursday by the Securities Times newspaper.

This goal was stated in the guidelines of the China Banking and Insurance Regulatory Commission. According to the article they also encourage digitalised financial products and service as well as innovations based upon digital assets and tech.

The newspaper cited the CBIRC guidelines as a reason why Chinese banks and insurance companies should establish digitalized operational and management systems. This will increase technology capability, improve data security and overall network performance.

Beijing is hoping to foster economic growth by creating a more digitally-oriented economy. This will also help the country become more competitive globally. China also continues to test a digital currency, the yuan.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs include stocks, futures, indexes and Forex. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]