![]() Pursuing China’s 14th Five-Year Plan and the Long-range Goals Through 2035, the China Banking and Insurance Regulatory Commission (“CBIRC”) issued the Guiding Opinions on the Digital Transformation of Banking and Insurance Industries (“the Guidance”)1 in January 2022. The emerging trend in the market is that a more in-depth digital transformation is essential for financial institutions to truly reshape and develop future-proof financial services, from “top-down” and “inside-out”, to succeed and stay relevant in the fast changing digital economy. ![]() There are progressive advances in digitization across the GBA financial sector. ![]() Those already in the game keep investing efforts and resources into leveraging emerging technologies to create business insights and results many others are planning or ready to embark on their journeys. In the second quarter of 2022, the global environment remains challenging amid the continued impact of COVID-19 in many major economies, and the uncertainties due to market volatility and geopolitics, including the military confrontation in Europe.īack in the Greater Bay Area (“GBA”), in spite of the inevitable disruption to local economies due to these global factors, many financial institutions, regulators, and other stakeholders in the region remain active in their digital transformation journeys.
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