Reported by Reuters on October 27, Lu Lei – Deputy Director of the Chinese regulator State Administration of Foreign Exchange (SAFE) – reportedly revealed that the nation is turning to blockchain and AI, as viable solutions to support the cross border financing, with a focus mainly on risk management applications.
Lei also disclosed that SAFE welcomes all fintech and AI-based to develop international finance and macro-prudential management.
The intention of innovation from the SAFE director is joined by comments from China’s President Xi Jinping, who has reportedly urged China-based organizations to speed up the adoption rate of blockchain across the nation.
“We need to pay special attention to the rapid development of digital finance and fintech. […] When we are not entirely certain where a (new) form of business is heading, we must pay attention to risk management.” Lei further heavily stressed on how crucial risk management can be.
Per Lei, capable financial infrastructure plays a fundamental role in manage risks. He further guaranteed to make Chinese capital markets available, including bonds, and consolidate investment channels for foreign investors.