The "14th Five-Year Plan for Financial Standardization" was released, and the digital ecological construction of the financial industry will usher in great development

On February 8, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission issued the "14th Five-Year Plan for Financial Standardization" (hereinafter referred to as the "Plan"). Regarding the main goals, the "Plan" proposes that by 2025, a standard system compatible with the modern financial system will be basically established, the economic benefits, social benefits, quality benefits and ecological benefits of financial standardization will be fully demonstrated, and standardization will support the high-quality development of the financial industry. The status and role are more prominent.

The "Plan" emphasizes that standardization leads the construction of the digital ecosystem of the financial industry, and proposes six aspects including steadily advancing the development of legal digital currency standards, steadily advancing the construction of financial technology standards, and systematically improving financial data element standards.

Steadyly promote the development of legal digital currency standards

In terms of steadily promoting the development of legal digital currency standards, the "Plan" proposes the construction of six major standards for digital currency, including information security, application standards, Technical security, data specifications and terminal acceptance, etc. For example, the "Plan" clearly states that safe and trustworthy infrastructure, issuance systems and storage systems, registration centers, payment transaction communication modules, terminal applications, etc. will be comprehensively considered to explore the establishment and improvement of legal digital currencies. Infrastructure standards.

Currently, my country’s digital renminbi (central bank digital currency) pilots are steadily advancing. Shenzhen, Suzhou, Xiongan New Area, Chengdu, Shanghai, Hainan, Changsha, Xi’an and other places have launched digital renminbi pilots, effectively verifying the Digital RMB business technology design and system stability, product ease of use and scenario applicability. The latest disclosed data shows that as of December 31, 2021, there have been more than 8.0851 million digital RMB pilot scenarios, a total of 261 million personal wallets have been opened, and the transaction amount has reached 87.565 billion yuan.

It is worth mentioning that the digital renminbi Winter Olympics scene pilot is also progressing steadily. Currently, 355,000 Winter Olympics scenes have been successfully implemented, enabling transportation, dining, accommodation, and shopping consumption outside the security red lines of the Winter Olympics. , tourism, medical and health, communication services, ticketing and entertainment seven major categories of scenarios.

Steadyly promote the construction of financial technology standards

In terms of steadily promoting the construction of financial technology standards, the "Plan" proposes to strengthen cloud computing, blockchain, big data, artificial intelligence, and biometric identification. , Internet of Things and other standards development and effective application, leading the standardized and healthy development of financial technology. Deeply implement the evaluation standards for financial technology development indicators and provide support for self-regulatory organizations to publish development indexes in real time. Promote the construction of a scientific and technological ethical governance standard system in the financial field.

In addition, the "Plan" also proposes to accelerate the implementation of confirmation data standards in the construction of financial technology standards and promote the steady development of the digitization of confirmations. “Confirmation of correspondence is the main instrument involved in financial business. There are many types and huge quantities, which occupy a lot of labor costs. Especially in the banking industry, a large number of businesses need to be based on confirmation of confirmation or constantly generate new confirmations. The establishment of this standard will be effective. Promote the standardization of electronic and automated processing products or solutions for confirmations, accelerate the expansion of applications in the entire industry, and promote the establishment of an intra-industry confirmation data exchange platform, which will help banks reduce costs and improve efficiency," said Zheng Lei, chief economist of Baoxin Financial. think.

Systematically improve financial data element standards

In terms of systematically improving financial data element standards, the "Plan" points out that it is necessary to coordinate the development and utilization of financial data, public security, business secrets and personal information. Privacy protection, accelerating the improvement of financial data resource property rights, transaction circulation, cross-border transmission and security protection standards and regulations.

At the same time, we will improve the financial big data standard system and explore and formulate supporting standards for technological innovation such as financial big data collection, cleaning, storage, mining, analysis, and visualization algorithms. Develop standards for financial data quality, desensitization, classification and classification. Develop standards for financial data application modeling, metadata, and algorithm evaluation. Develop business data standards such as the collection of customer interaction behavior data in the banking industry.

Pan Helin, a member of the Information and Communication Economy Expert Committee of the Ministry of Industry and Information Technology and executive director of the Digital Economy Research Institute of Zhongnan University of Economics and Law, believes that improving data element standards is mainly to open up the circulation channels of data elements and promote banks to develop towards open banking. , break the data monopoly, promote data circulation, incorporate data element circulation transactions into specifications, and formulate detailed standards for each link of data element circulation, while promoting the circulation of data elements while ensuring data security. And through the standardization of data elements, data is made more convenient for transactions and promotes the flow of data elements to the demand side.

(Editor Li Bo Caishandan)