On June 17th, the 9th Huarui Fintech Salon was successfully held online, jointly organized by Shanghai Huarui Bank, the International Monetary Institute (IMI) of Renmin University of China, and the Institute of Financial Technology. The event was co-hosted by the China Banking Research Center of Renmin University of China and the China Digital Financial Cooperation Forum. The theme of the salon was "Digital Transformation of Large Commercial Banks," and the keynote report was delivered by Mr. Lv Zhongtao, Chief Technology Officer of Industrial and Commercial Bank of China (ICBC). Other participants in the discussion included Mr. Zhang Jianhua, Secretary-General of the China Digital Financial Cooperation Forum and Director of the Institute of Financial Development and Regulatory Technology at Tsinghua University Wudaokou School of Finance, Ms. Xie Xuanli, Senior Research Fellow at the Digital Finance Research Center of Peking University and Associate Research Fellow at the National Development Institute of Peking University, Mr. Zhang Heng, Associate Research Fellow at the Institute of Finance of the Chinese Academy of Social Sciences, and Mr. Liu Liyuan, Co-founder of Ruilai Intelligence. The salon was moderated by Mr. Song Ke, Deputy Director of IMI and Executive Director of the Institute of Financial Technology at Renmin University of China.

In his keynote report, Mr. Lv Zhongtao discussed the background, essence, exploration, and practice, as well as the challenges and responses, regarding the digital transformation of large commercial banks.

Mr. Lv pointed out that in the current stage, the essence of digital transformation is driven by the "data and technology" dual factors, accelerating the innovation and reshaping of business and management models, effectively enhancing value creation capability, and achieving enterprise-level transformation and innovation. Each bank should develop a matching and differentiated digital transformation practice path based on its own business development strategy and resource endowment. The significant features of the digital transformation path for large commercial banks include its large scale, comprehensive business scope, stability requirements, and ample resources. The overall strategy for the digital transformation of ICBC is to build the "Digital ICBC" brand, focusing on three objectives: improving user experience, business efficiency, and operational value. This is achieved through the implementation of the "digital ecology, digital assets, digital technology, digital infrastructure, and digital genes" five-dimensional layout. Key areas of digital technology focus on artificial intelligence, digital employees, and blockchain. Digital infrastructure emphasizes the acceleration of green data center construction, the promotion of intelligent transformation of operation and maintenance, and the establishment of an integrated security operation and maintenance system for the entire group. In terms of digital ecology, attention is given to digitizing operations, risk control, and office work internally, while externally empowering digital government affairs, digital industries, digital livelihoods, and digital interbank connections. As for digital genes, efforts include perfecting the layout of financial technology, establishing a sound system for technological innovation, and focusing on talent cultivation. The digital transformation also faces challenges from various aspects, including new technologies such as artificial intelligence, blockchain, and quantum technology, as well as data elements and security protection. In the future, ICBC will continue to accelerate the construction of "Digital ICBC," actively respond to risk challenges, leverage advantages, seize opportunities, strengthen cooperation with all sectors, jointly promote the digital transformation of the financial industry, and facilitate the high-quality development of China's financial sector.

Translated by Liu Ke