The People's Bank of China (PBOC) has taken another step forward in its strategy to build a digital central bank, setting up a financial technology subsidiary, Chengfang Financial Technology Co. Ltd., that will help drive the government's broader goal of modernizing the financial system, boosting innovation and improving governance.
On July 30, Chengfang was officially established in Beijing by five institutions and companies controlled by the PBOC with registered capital of about 2 billion yuan ($287 million), according to the National Enterprise Credit Information Publicity System. The company's main businesses include software development, technology consulting and services, data processing, computer system services, and leasing and sales of equipment, according to its registration documents.
