The People's Bank of China, the country's central bank, recently announced it had established a committee to study the impact of financial technology on monetary policy, the financial markets, and payment and clearing mechanisms, saying fintech has injected new vitality into financial services, but also brought new challenges.

The boom in fintech through the application of the mobile internet, big data, cloud computing and artificial intelligence has brought many seismic changes to the traditional financial sector. No matter whether traditional financial institutions are willing to get onboard or not, they cannot stop or reverse the fintech trend.

China is an initiator and also a promoter of fintech. The PBOC was the first central bank to hold a symposium on digital currency and the first to turn its attention to blockchain technology and exercise regulations on bitcoin trading.