Xinhua News Agency: More than 40 financial institutions and research institutes launched the Digital Currency Alliance

Shenzhen, December 20 (Xinhua) -- At the 2016 China Shenzhen Fintech Summit held on December 20, more than 40 financial institutions and research institutes including Ping An Bank, China Merchants Bank, WeBank, and Dacheng Fund jointly launched the China (Shenzhen) Fintech Digital Currency Alliance and the China (Shenzhen) Fintech Research Institute. The Digital Currency Alliance and the Research Institute will be located in Qianhai, Shenzhen.

Yao Yudong, representative of the initiators of the Digital Currency Alliance and the Research Institute and chief economist of Dacheng Fund, said that with the development of Internet technology, global payment methods have undergone profound changes. Digital currencies with higher operating efficiency and greater economic applicability are becoming a new trend in the future development of currency. Fintech (financial technology) is playing an increasingly prominent role in digital inclusive finance.

The Digital Currency Alliance and the Research Institute will play three roles: first, cooperate with the People's Bank of China and other financial regulatory departments to study and formulate industry standards for digital currency, and create an innovative public service platform for information sharing; second, cooperate with relevant government departments to study special support policies in the field of financial technology, and introduce and cultivate domestic and foreign professional talent teams; third, carry out research on financial technology infrastructure and innovative business, explore and promote the application of technologies such as big data, cloud computing, artificial intelligence, and blockchain, and enhance the level of theoretical research and practical capabilities of financial technology.