The two-day Pudaokou Global Financial Forum at Tsinghua University concluded on June 4. Under the theme of "economic globalization and the standardized development of the financial industry", the conference has seven sub-topics. 45 elites from various fields from around the world shared their views and opinions. Among them, "technology-driven financial inclusion innovation" has become a topic that attracts more attention in this forum.
Li Dongrong, president of the Internet Finance Association of China, pointed out that in recent years, against the backdrop of a new round of scientific and technological revolution and industrial transformation, a new model of digital inclusive finance driven mainly by technology is being formed at a faster pace globally. This provides a feasible path and technical support for solving the common problems of globalization such as high cost, low efficiency, unbalanced service and unsustainable business of inclusive finance.
Therefore, we should study and promote a package of systematic financial inclusive solutions, including policies, institutions and technologies. To this end, Li Dongrong proposed the construction of the technical system for the implementation of inclusive finance, including:
1. Build a policy support system for digital financial inclusion, and adhere to the fair access of financial inclusion service entities;
2. Improve the risk management system of digital inclusive finance;
3. Establish a technological innovation system for digital inclusive finance;
4. Build an infrastructure system for digital financial inclusion;
5. Improve the consumer protection system for digital financial inclusion.
Chen Long, chief strategy officer of Ant Financial, pointed out the future trend of fintech, citing Alipay as an example.
First of all, technology can comprehensively reduce the cost of financial services and promote financial inclusion. For example, the establishment of Alipay, first of all, is to solve the problem of distrust between buyers and sellers, which is the cost of acquiring customers and the cost of risk screening. After the establishment of Alipay, the problem of trust between buyers and sellers is solved, and the transaction becomes smooth. In addition to these costs, operating costs and capital costs can also be reduced through technological change. So fintech is necessary.
Second, there are several trends in the future of fintech:
1. Scenarioization of finance;
2. It has changed the way of access and the logic of business. In the future, the finance will take the user as the core and create the concept of C2B financial life;
3. Traditional finance and fintech should encourage, complement and integrate each other;
4. Due to the intelligent, tolerant and encouraging regulatory environment in China, the fintech industry in China has generally led the world and become the object of emulation worldwide.
As for the definition of financial inclusion, the United Nations adopted a more uniform standard in 2005. Inclusive finance refers to providing appropriate and effective financial services at affordable cost to all social strata and groups in need of financial services, including small and micro enterprises, farmers, urban low-income groups and other vulnerable groups, which are the key target of service. That is to say, for P2P enterprises like Cloud Money Bag, inclusive finance is already on the shoulder.
Among the vulnerable groups mentioned above, some enterprises are facing financing difficulties, some have no income proof, and some have never been included in the construction of the credit system. It is much harder for them to borrow money from banks. At this time, inclusive finance is difficult to achieve.
After 2010, various P2P online lending platforms grew rapidly, bringing great hope for the realization of inclusive finance.
P2P enterprises, represented by Cloud Money Bag, are an important supplement to the banking industry, playing a strong role in serving small and micro enterprises and supporting individual private micro-loans. Moreover, cloud money bag can not only solve the loan problem for individuals, but also earn profits for the lender. It also has a significant effect on realizing wealth accumulation, increasing social consumption and promoting the wide circulation of social capital. Therefore, inclusive finance is by no means an empty promise. What we should focus on is making inclusive finance more valuable and serving a wider range of people through fintech and product innovation.
