China has established a national fintech certification center in Chongqing Municipality, according to the People's Bank of China (PBOC). 

Fintech is a term used to describe financial technology, an industry encompassing any kind of technology in financial services. 

The establishment of the center in Chongqing marked a significant step in the implementation of the Fintech Development Plan (2019-2021), and was an active measure to improve the regulatory framework for fintech, said Fan Yifei, deputy governor of the PBOC, China's central bank. 

The center should aim at national strategic needs, including innovation-driven development and the construction of the Chengdu-Chongqing economic circle, and build up its core competence by relying upon the national unified certification system for fintech products, Fan said. 

It is expected to develop into a first-class, professional certification authority, serve as a "gatekeeper" for integrity, innovation, safety and compliance in fintech development, and strive to become a backbone in the joint governance system for fintech in China, thus empowering quality development of the financial sector, he said.