China Justice Observer

中司观察

EnglishArabicChinese (Simplified)DutchFrenchGermanHindiItalianJapaneseKoreanPortugueseRussianSpanishSwedishHebrewIndonesianVietnameseThaiTurkishMalay

China to Encourage Digitalization of Banking and Insurance Industries

Wed, 02 Mar 2022
Categories: China Legal Trends

On 26 Jan. 2022, China Banking and Insurance Regulatory Commission (CBIRC) issued the “Guidance on Digital Transformation of Banking and Insurance Industries” (hereinafter “the Guidance”, 关于银行业保险业数字化转型的指导意见), emphasizing that banking and insurance institutions need to develop industrial digital finance and comprehensively promote digitalized operating and management systems.

The Guidance points out that:

  1. Financial institutions are encouraged to recruit professionals with the technological background to the board of directors or senior management;
  2. Financial institutions are required to build enterprise-level risk management platforms to achieve centralized and unified management of rules strategies and model algorithms;
  3. Financial institutions are required to improve their data governance systems so as to realize systematic, automated, and intelligent data governance;
  4. Financial institutions are required to establish a comprehensive management framework for model and algorithmic risk; and,
  5. Financial institutions should enhance data security, improve privacy protection and strengthen security access control over data.

 

 

Cover Photo by Tao Yuan on Unsplash

Contributors: CJO Staff Contributors Team

Save as PDF

You might also like

SPC Publishes Typical Cases on Public Security Crimes

In April 2024, China's Supreme People's Court (SPC) released five typical cases illustrating crimes against public security, emphasizing clarifications on trial criteria and sentencing principles, featuring a case involving serious injuries from objects thrown off a high-rise building.

Beijing Court Upholds Workers' Right to Offline Rest

The Beijing No. 3 Intermediate People's Court ruled that workers are entitled to overtime pay for “invisible overtime work” conducted via social media outside of working hours, protecting their right to “offline rest”.

China Revises State Secrets Protection Law

China’s national legislature, the National People’s Congress, revised the State Secrets Protection Law to enhance information classification, secrecy in technological innovation, and precise protection of state secrets, effective May 1, 2024.