On 26 March 2021, the People's Bank of China issued the financial sector standard Evaluation Specification for Applications of Artificial Intelligence Algorithms in Financial Applications, which will be implemented from the date of its issuance. 

The standard is applicable to financial institutions, algorithm providers, third-party security assessment agencies, etc. that carry out artificial intelligence algorithm financial applications. The financial application evaluation framework of artificial intelligence algorithm is established from the aspects of security, interpretability, accuracy and performance, and the basic requirements, evaluation, methods and judgment standards of the application of intelligent algorithm are clarified, which provides guidance for financial institutions to strengthen the risk management of the application of intelligent algorithm.

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