On September 22, the 6th Think Tank Lecture of Shanghai Academy was held in No.103 Lecture Hall of Shanghai Academy. Huang Zhen, Director of the Financial Law Institute under the Central University of Finance and Economics, and Li Bin, Board Chairman and President of HuaXia Finance Equity Investment Management Co., Ltd., were invited to make keynote speeches themed “Fintech and Government Regulation -- the New Genes That Create Inclusive Finance”. Wen Xueguo, Executive Vice President of Shanghai Academy, chaired and addressed the activity.
In his speech, Wen Xueguo said, with the development of big data, cloud computing, blockchain and other next generation information technologies, fintech plays an increasingly greater role in improving financial efficiency and the quality of financial services. With the boom of fintech, corresponding laws and regulatory systems must be improved to promote the development of inclusive finance.
In his speech, Huang Zhen considered that the core of the new round of the technological revolution is ICT. The technical revolution is different from previous ones as high technologies have been put at the bottom level, and waves of innovation have been introduced in finance, the field closely combined with new technologies, from P2P online lending to crowdfunding, and from blockchain to digital currencies and ICO. Huang Zhen also commented on the representative enterprises in fintech, and summarized that the rise of Internet finance is mainly reflected in infrastructures like the third party payment, changing currency forms, and the electronization of bills, as well as the technologies that support finance, such as big data, IoT, AT, location navigation, biological identification and cloud computing. The future trends of fintech will first highlight economic safety and information safety, and compliance technologies and regulatory technologies, both results of the development of science and technologies, will promote national financial regulation. Finally, Huang Zhen gave suggestions about the path for the survival of traditional financial enterprises amid the new technological situations. First, they must find their unique positioning in the ecosystem and seek ecological cooperation. Second, different enterprises and forms of businesses must work for coordinated development. Third, they must reduce repeated construction to avoid waste. Fourth, they must achieve common growth by empowering each other.
Based on Chinese and American experience, Li Bin analyzed the characteristics and unique opportunities of fintech in China. He considered that the core of fintech is still finance, and creating the environment favorable to inclusive finance has become an important part of the supply-side reform. To advance development of inclusive finance with Chinese characteristics, efforts must be made to accelerate construction of financial infrastructures and improve the laws and regulatory systems for the development of inclusive finance. In China, either the supply-side reform or mass innovation can’t be enabled without the development of inclusive finance. The steady development of Internet fintech is of positive significance to advancing the transformation of China’s economy, serving the real economy, controlling financial risks and achieving green and inclusive finance.
In the Q&A session, both guests gave detailed replies to the questions about Bitcoin, investment, personal credit and other issues raised by the audience at the site. The activity produced sound social results.
Article by Liu Geng and Xie Nini
Photos by Xie Nini
