Inauguration Ceremony of China Fintech 50 Forum
2017-04-22 IMI
CFT50 is co-sponsored by IMI, Fintech and Internet Security Research Center (FTCS) and the Research Base for Industrial Finance (RBIF) of the CASS. The National Finance and Development Laboratory and Deloitte are both support units. CFT50 senior academic advisers include Li Yang, Li Lihui, Wang Zhongmin, Wang Yongli, etc. CFT50 academic committee includes Huang Yiping, Xiao Feng, Yao Qian, Yao Yudong, Ben Shenglin, Chen Long, Yang Tao, Yang Dong, Song Ke, etc. CFT50 brings together the front-line regulators, experts, scholars and business leaders of China’s Fintech industry, provides a platform to explore the cutting-edge issues and to promote industrial practice, and thus contributes to the development of China's financial technology. CFT50 is committed to become China’s leading Fintech think tank, and through international exchanges and collaboration, to enhance China's global influence in the Fintech industry.
Wang Zhongmin made a keynote speech. Caring and supporting China’s Fintech development, he proposed that “artificial intelligence can be used for financial supervisory innovation”, and “blockchain will be applied to social security fund investment management” and so on. He said that if China's Fintech enterprises want to go from 0 to 1, they must "open source", not only to the market, but also to the regulation. Only in this way can the Fintech industry has a new ecology and make profits as much as they could.
Wang Yongli made a keynote speech themed “financial technology will promote China's financial transformation”. He believes that the focus of Fintech is science and technology. To apply science and technology to the financial field and to promote financial innovation and better development, the premise is to accurately grasp the essence of finance and the law of development, and to uphold the financial bottom line and basic principles.
Yang Tao talked about “how to stay top in the era of financial technology”. He believes that China's financial technology innovation is facing directional choices. An early winner should take care not to be a final loser. China's Fintech industry shouldn’t become “a pig that soar up only because of the strong wind”, meaning companies making temporary huge profits only because they are in the foremost sector. “When the pig finally falls, it falls off badly. Instead, China's Fintech industry should become a strong cheetah”.
Ben Shenglin said that China’s internet finance should go abroad, and that China’s think tanks need further internationalization. He believes that the Internet finance is inherently international, but the low level of internationalization is a disadvantage of China’s Internet financial think tanks, and it doesn’t match the Fintech development. There is still a long way to go in terms of China’s Fintech think tanks going global.
Qin Yi pointed out that if financial technology companies want to win the market, they need to be fast. In essence, it is a competition of speed. For start-ups, it’s a competition of winning customers; for traditional financial institutions, it’s a competition of internal innovation.
Huang Yusong analyzed in his speech the pathways, regulatory trends and future directions of China’s Fintech industry. He believes that financial technology is a “double-edged sword”, so it requires the joint efforts of regulators, researchers and people in this industry to seek its advantages and avoid disadvantages.
Yang Dong delivered a keynote speech on “challenges and theoretical reconstruction of financial regulation" He believes that new risks may emerge in Fintech innovation, therefore, the regulatory model should also be transformed from access regulation to technical and digital-driven regulation.
