May 13th to 16, the 2013 plenary meeting of ISO/TC68 (International Organization for Standardization Technical Committee on financial services) and its subcommittees was held in Guangzhou. Li Dongrong, the deputy governor of PBC and the chairman of CFSTC, attended the meeting and made the speech. The members and liaison delegates of more than 30 countries and regions also attended.
During the speech, Li Dongrong introduced China’s financial industry reform and development and the practice of financial standardization construction. He pointed out that, China had initially formed Financial organization system, Financial market system, Market regulation and control system, and played a better role of finance in supporting national economic and social development. CFSTC has implemented national standard work conscientiously, coordinated and organized financial institutes to prepare and implement financial standards actively, strengthened the international cooperation in financial standardization, and enhanced the level of financial innovation and financial services to people’s livelihood. So far, there are 60 financial national standards and 143 financial industry standards issued, covering banking card, credit information, statistic, accounting, online banking, information security and other fields. Especially in recent years, CFSTC has organized the development and publication a series of important standards, such as Banking Industry Standards System and Financial Mobile Payment standards, to regulate and promote the construction and development of China financial market. Li Dongrong emphasized that standardization had increasingly showed the strong vitality in preventing financial risks, strengthening macro prudent management and promoting financial innovation. He expected the participants from all countries (regions) to have further communication, reach an agreement, learn from each other, strengthen the cooperation, together promote financial standards to play a more important role in preventing international financial risks, maintaining international financial order and stability, and improving international financial services.
This meeting was composed of ISO/TC68 plenary meeting, and ISO/TC68/SC2, ISO/TC68/SC4, ISO/TC68/SC7, ISO 20022RMG meetings. Five agreements were reached: First, LEI Advisory Group should be established to assist FSB to implement and operate the Global LEI System; Second, the inter-departmental coordination should be strengthened to ensure the coordination of preparing and implementing standards; Third, the International security identification coding standard should be revised and issued to formulate the global financial coding institutes; Fourth, Currency code special group should be established to propose the feasibility of code extension; Fifth, ISO 20022 message registration and application should be improved to promote the development of global financial message services. During the meetings, the delegates of all countries (regions) gave China the enormous attention and appreciation as to actively promote the exploration and achievements in financial standardization. Also the delegates of China made a widely communication and exchanges with the delegates of all countries(regions), on the subjects of maintaining financial stability and improving financial services standards.
This meeting is first held in China for TC68, that can deepen the communication and coordination among China, ISO and international counterparts, learn from the advanced experiences of international financial standards construction, promote the technical progress of China’s financial industry, formulate financial market order, prevent financial risks, and improve the competitiveness of financial industry. Meanwhile, the meeting has propagated the development of China’s financial reform, and the progress of promoting financial standardization construction.