On 26 Jan. 2022, China Banking and Insurance Regulatory Commission (CBIRC) issued the “Guidance on Digital Transformation of Banking and Insurance Industries” (hereinafter “the Guidance”, ??????????????????) , emphasizing that banking and insurance institutions need to develop industrial digital finance and comprehensively promote digitalized operating and management systems. The Guidance points out that: - Financial institutions are encouraged to recruit professionals with technological background to the board of directors or senior management; - Financial institutions are required to build enterprise-level risk management platforms to achieve centralized and unified management of rules strategies and model algorithms; - Financial institutions are required to...