Roundtable on Money and Finance•Autumn 2017: Fintech and Banking Transformation

On September 23, the Roundtable on Money and Finance·Autumn 2017 under the theme of Fintech and Banking Transformation was held by IMI at Renmin University. Chairman of board of XFinTech, former vice-president of the Export-Import Bank of China, Cao Tong；director-general of Banking Innovations Supervision Department CBRC, Li Wenhong; former vice president of Bank of China, Wang Yongli; vice president of Shanghai Huarui Bank and chief information officer, Sun Zhongdong; general manager of China Everbright Bank Information Technology Department, Li Fan; deputy chairman of National Council for Social Security Fund of China, Wang Zhongmin; director of IMI and professor of School of Finance at RUC Zhang Jie took part in this conference and gave keynote speeches. Other participants include director of International Finance Institute of Bank of China, Chen Weidong; chief economist of Bank of China Hong Kong, E Zhihuan; chief risk officer of China-LAC Cooperation Fund, Fan Xiwen; executive director of Credit Management Research Center of RUC, Guan Wei; director of China Banking Research Center of Central University of Finance and Economics, Guo Tianyong; secretary of the board of directors of Shenhua Group, Huang Qing; deputy director of IMI Song Ke; director of CEO office of Ant Financial, Wang Zuogang; former deputy administrator-in-bureau of SAFE, Wei Benhua; vice president of Zhengzhou Bank Financial Research Institute, Wu Anhua; professor of University of Hong Kong and president of Hong Kong Institution for International Finance, Xiao Geng; vice president of Element Credit Co., Ltd., Yin Jiayin; chief risk officer of China Investment Corporation, Zhao Haiying and other experts and scholars from financial industry. On this conference, the report “East or West, Home is Best?——Are banks becoming more global or local?” was also released, Zhao Changwen, director of Industrial Economy Division of the Development Research Center of the State Council made comments on the report. The conference was chaired by Ben Shenglin, executive director of IMI, dean of Zhejiang University Academy of Internet Finance. Professor Zhuang Yumin delivered a speech on behalf of the School of Finance. She said that judging from the perspective of human development, science and technology has been an important factor in promoting financial development. The era of artificial intelligence also brings unlimited possibilities for the development of the financial industry. The conference coincided with the 80th anniversary of RUC, and the Applied Economics of RUC has just been included in the list of the world-class university and first-class discipline. She introduced the development of the School of Finance and its future plans to the audience, and also welcome all the guests to support and pay attention to the development of the School of Finance. Cao Tong gave an introduction of the application of Fintech in small-and-medium-sized banks. He believes that Fintech's key words are technology, efficiency, and innovation. After reviewing the 150-year-long history of “finance, science and technology”, he pointed out the direction for small-and-medium-sized banks in the wave of scientific and technological revolution. Director Li Wenhong shared her opinions from the perspective of regulators, including the awareness of Fintech, development and regulation on Fintech; and thoughts and suggestions on its supervision. Next, Professor Ben Shenglin interpreted the report “East or West, Home is Best?——Are banks becoming more global or local?” He first summed up the development in world economy in the past year: the slow recovery, the existence of uncertainty and the growth of China’s economy with the decline in import and export. Then he gave a brief introduction to the conclusion of this report. Professor Zhao Changwen made comments on the report as a representative of the Expert Advisory Committee. He praised the hard work of Professor Ben and his team. Wang Yongli shared his views on Fintech. The Internet has brought great changes to the financial industry and promoted the return of financial functions. When embracing the emerging innovations, people should be aware of their nature rationally. Sun Zhongdong talked about the most suitable application of the mobile Internet technology in the banking industry, and introduced the smart banking development model of Huarui Bank in the face of the “Internet+” era. Li Fan believes that the role of science and technology in financial industry is transforming from providing support into serving as a driving force and guide, which is in line with the views of the former guests. He then introduced the practice of Everbright Bank in intelligent products, big data and cloud platform. Wang Zhongmin thought that Fintech is in the stage of rapid expansion, but more attention should be paid to the nature of finance. Talking about the origin of money, he put forward the most valuable development path for Fintech. Professor Zhang Jie made a concluding remark in the end. He praised the wonderful speeches of the guests and thanked them for their support and attention to IMI.

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