On May 21st, plenary session six: Financial and Economic Development in the Digital Economy Era was successfully held. Regulatory leaders, experts and scholars and representatives from award-winning corporates of financial innovation in Beijing were invited to share their insights on economic and financial development directions in the digital economy era.
Wang Zhengwei, Associate Dean of Tsinghua PBCSF, served as the host.
In his speech, Zhou Yanli, former Deputy Secretary of the Party Committee and Former Vice Chairman of the China Insurance Regulatory Commission, said that digital economy has become a key force in reorganizing global factor resources, reshaping the global economic structure, and changing the global competitive landscape. In the era of the digital economy, financial industry is also undergoing an unprecedented transformation. On one hand, traditional financial institutions are actively embracing innovation on the path of digital transformation and continuously improving the quality and efficiency of financial services; on the other hand, emerging fintech companies are also providing users with new financial service experiences in a flexible and efficient manner. While digital technology brings opportunities to the financial industry, it also poses certain challenges to traditional financial models, including data security, privacy protection, and technical risks. These issues require us to face and solve them together. In addition, we must also guard against the digital divide and ensure that everyone can enjoy the benefits brought by fintech, fairly. Beijing is an important financial center in China. We must continue to strengthen cooperation and exchanges among governments, industries and universities to promote China’s financial innovation with greater efforts.
Zhao Weijiu, Deputy Director of Beijing Municipal Bureau of Local Financial Regulation and Supervision, introduced the selection of the second Capital Financial Innovation Incentive Project and announced the winners. He said that since the launch of Capital Financial Innovation Incentive Project, it has received extensive participation and strong support from various financial institutions, fintech companies and regulatory departments in Beijing. The participating institutions cover various fields such as banking, securities, insurance, asset management, green finance, financial infrastructure, and fintech. There are both general fintech projects such as anti-fraud and financial security, as well as systematic products for serving social livelihoods and small and micro enterprise financing. There are also regtech projects serving market regulators, platform integration projects serving the construction of the national financial market system, as well as analysis tool projects serving professional financial practitioners. These projects have strong industry representativeness and demonstration significance, fully reflecting Beijing’s advantages in superior financial infrastructure, complete financial system, and active financial products. They are of great significance in improving the quality and efficiency of financial services to the real economy and strengthening fintech empowerment.
In the keynote speech, Zhang Jianhua, Director of Research Center for Financial Development and Regtech, Tsinghua PBCSF, gave a speech entitled “The Development of Loan Assistance Business under the Integration of Finance and Digital Technology”. Zhang Jianhua briefly introduced the definition, process, charging mode and development status of the loan assistance business, and made the prospects for the development trend of China’s Internet loan assistance business. Firstly, under the background of the continuous integration of finance and digital technology, large Internet platforms actively entered financial-related markets, and loan assistance business model is an important way to participate. Secondly, the coverage of mobile Internet tends to be saturated, and personal Internet financial business has reached a stage peak. Internet financial business for small and micro enterprises and traditional credit card business have greater space for further digital intelligence. Thirdly, large commercial banks accelerate financial technology transformation and small and medium-sized banks strive to promote cooperation with technology companies. At present, 59 financial institutions have set up fintech subsidiaries.
Zhang Jianhua proposed that China’s loan assistance business development should follow the following principles: 1. should clarify the responsibility boundaries of financial institutions and loan assistance institutions in marketing and risk control links, solidify the responsibility of independent risk control management of financial institutions, and guide loan assistance institutions to fully compete in a single business link; 2. it is necessary to accelerate the implementation of relevant provisions of the “Administrative Measures for Credit Reporting Business” and further standardize the transfer and use of credit information data in loan assistance business; 3. we should adhere to consumer rights protection as the focus of supervision and promote the healthy and sustainable development of loan assistance business.