On November 26, 2022, the Macro-Finance Salon (No. 195) and the third seminar of the “Financial Development as a Boost to the Chinese Path to Modernization” series was held online. This event was co-hosted by the International Monetary Institute (IMI), the Department of Monetary Finance, School of Finance, Renmin University of China (RUC) and China Fintech 50 Forum (CFT50). During the seminar, Gao Feng, Chief Information Officer of China Banking Association, delivered a keynote speech titled “Banking Digitalization Boosting Chinese Path to Modernization”. The seminar was also joined by Tang Xiao, Chief Executive Officer of BOC Financial Technology Company Limited, Zeng Gang, Director of Shanghai Institution for Finance and Development, and Lu Liping, IMI Research Fellow. The salon was moderated by Song Ke, Deputy Director of IMI.

In his keynote speech, Gao Feng covered two aspects. The report shows three levels of the digital transformation of the banking industry helping the development of Chinese modernization through six capabilities. At the beginning, he pointed out that it is necessary to re-recognize that the high-quality development of the banking industry urgently needs digital transformation. Digital transformation refers to a digital technology-driven banking reform and is the only way for high-quality development. It should serve the real economy and fully embody people-centeredness. Then he went on to analyze how to improve the digital ability of banks from six aspects. First, the digital strategy, which focuses on the integration of business and technology; Second, the path of business development reflected in the digitalization of business and operation; Third, data management and application capabilities; Fourth, the supporting ability of science and technology. Banking institutions should increase the flexible supply from data center infrastructure, improve the supporting ability of science and technology architecture, and promote the agile transformation of science and technology management. Fifth, the ability of risk prevention in digital transformation. It is necessary to establish a proper risk management system to incorporate risks in digital transformation; Sixth, introduction and cultivation of digital talents, especially compound talents with a mixed background of finance, science and technology, and data.