Photo: Themed on "New Pattern, New Development and New Finance", the 2021 Tsinghua PBCSF Global Finance Forumkicks off in Beijing, capital of China, May 22, 2021.
BEIJING, May 23 (Xinhua) -- Fintech has been exerted as a "booster" for the high-quality development of the financial industry, according to experts at the 2021 Tsinghua PBCSF Global Finance Forum on Sunday in Beijing, capital of China.
With technologies such as big data, cloud computing, artificial intelligence (AI), distributed databases, and network identity authentication widely used in financial scenarios, the financial service procedures have been greatly simplified, and the business collaboration efficiency has been significantly enhanced, leading to further improved financial business environment.
It is reported that the wide application of the fintech in financial infrastructure, digital currency, wealth management, new payment, supply chain finance, inclusive finance, green finance, financial supervision and other fields, has laid the foundation for high-quality development of the financial industry.
The fintech will first replace the business with high labor costs as well as simple and repetitive tasks, meaning the fintech will help achieve from quantitative changes to qualitative changes, according to Huo Xuewen, head of the Beijing Local Financial Supervision and Administration, at the forum.
He also mentioned that the fintech will make inclusive finance from ideal to reality. With the emergence and application of the fintech, the supervision shall be reinforced and the intelligent supervision will be the future trend.
Zhang Jianhua, president of Hua Xia Bank, believed that in the process of the fintech development, industrial digital finance should be a direction that needs key breakthroughs.
In addition to making the financing simple, the industrial digital finance also has more space for improvement so as to eventually achieve a seamless connection among the enterprises, clients and the banks, in a bid to make financial services be involved in the entire economic activities of the enterprises, Zhang added.
"From the mainstream trend, in terms of the industrial finance, multiple market segments and tools have been increasingly used to provide differentiated and precise services for industrial development of different types, stages, and countries and regions. High technology helps financial innovation and meets diversified financing needs," said Chen Kewen, Secretary General of the Asian Financial Cooperation Association (AFCA).
Themed "New Pattern, New Development and New Finance", the 2021 Tsinghua PBCSF Global Finance Forum kicked off on Saturday in Beijing.
The two-day event, held both online and offline, has attracted guests from governments, businesses and academic communities at home and abroad to discuss the current and future of the world's and China's economy and finance under the influence of the COVID-19 pandemic. (Edited by Hu Pingchao with Xinhua Silk Road, hupingchao@xinhua.org)
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