The People’s Bank of China (PBOC) announced that it has established a fintech committee in a move to improve research, planning as well as coordination of work on fintech, Shanghai Daily reported.

“Fintech, or technology-driven financial innovation, has both injected vitality into financial development and brought new challenges to financial security,” the PBOC website stated.

According to the bank, it aims to further study its influence on monetary policy, financial markets, payments and clearing, financial stability, among others in order to make strategic plans and provide policy guidance on fintech development.

PBOC is devising a mechanism for fintech innovation in a move to handle ties between securities and development. It will also guide the proper use of fintech in the financial industry.