Blockchain BAT bosses describe the infinite possibilities of financial technology

For the Internet finance industry, the Beijing Kerry Center on July 10 was a gathering of the best. The first China Financial Technology Conference (2016) was held here. Leaders from traditional finance and Internet finance had a heated discussion on "how to become a great financial technology company". Big data, artificial intelligence, blockchain... Although each company has different focuses on future technology development, and due to differences in their development paths and models, there are clashes of opinions, but they seem to have reached the same conclusion on the concept of inclusive finance.

The first China Financial Technology Conference (2016)

The essence of financial technology is not to subvert tradition but to benefit the general public. Whether it is Internet finance or financial technology, its essence is the application of information technology in the financial field. Wu Xiaoling, Vice Chairman of the Financial and Economic Committee of the National People's Congress, Chairman and Dean of Tsinghua University's PBC School of Finance, and former Deputy Governor of the People's Bank of China, has a deep insight into this. She said that information technology will not subvert the essence of finance. The digitization of currency or digital currency must be rooted in the needs of transactions and investment and financing. Baidu Vice President Zhang Xuyang also elaborated on his understanding of financial technology. He said, "A great financial technology company must be focused and mission-oriented; it must be warm, using technological progress to drive financial reform, so as to make finance more equal and take care of every subtle financial need of the general public; it should also be open, it should inspire people's wisdom and connect people's wisdom." Like Zhang Xuyang, Ant Financial President Jing Xiandong also talked about the concept of inclusive financial technology. He said that financial technology is based on technologies such as mobile Internet, cloud computing and big data to achieve the development and innovation of financial services and products and improve the efficiency of financial services, rather than simply "doing finance on the Internet". The rise of Fintech will bring the characteristics of "inclusive, green and safe" to the financial industry. Credit is the foundation of financial activities. Blockchain and artificial intelligence establish this foundation . In fact, credit is the foundation of financial activities. The supervision of all financial activities, including information disclosure, product registration, and fund custody, is to solve the credit problem. In the view of Huo Xuewen, secretary of the Party Committee of the Beijing Financial Work Bureau, blockchain technology will become the underlying technology of financial technology and will solve the trust problem of financial activities. Blockchain is the underlying technology of Bitcoin, which has the characteristics of security and convenience. Internet companies represented by BAT are also strengthening their layout in blockchain. In June this year, Baidu reduced the cost of transaction payment by acquiring Circle, a representative company of blockchain technology. Zhang Xuyang said that in addition to blockchain, Baidu also solves the trust problem of finance through artificial intelligence and big data technology. He said that wealth management must return to the origin of wealth management on behalf of customers, and must complete the matching of risk and return, the assuming of risk, solve the risk transmission problem of wealth management business, and achieve risk isolation, measurable risk and investor tolerance. That is, "the purpose of wealth management business system design is to establish a 'fence'". The application of artificial intelligence and other technologies in wealth management is expected to establish this "fence", which is mainly reflected in the identification of investors' risk preferences, product portfolio and smart investment advisors, risk analysis and early warning, disintermediation to improve efficiency, filtering noise and reducing transaction costs. Jing Xiandong also said that mobile Internet has changed the way of reaching users and promoted the popularization of finance. Cloud computing has greatly improved the efficiency of computing and reduced the processing cost of transactions. Big data can help identify and measure risks, so that long-tail users can get better services. Artificial intelligence allows inclusive users to enjoy intelligent and personalized financial services, and Finlife is driven by AI. Tencent Vice President Lai Zhiming gave an example, saying that while Tencent Tenpay uses big data to do a good job of risk control, it has also promoted a lot of credit reporting services, which can make it easier for small and micro enterprises and individual users to obtain credit and financing, and solve the problem of difficult and expensive financing. In the future, how to better use cloud computing and big data to release greater value and work with financial institutions to create new financial applications will be crucial. How can Internet technology build a win-win new ecology with financial institutions? Regarding how to build a win-win ecology between technology and finance, Zhang Xuyang suggested that a unified regulatory system and legal system should be established to make the asset management industry truly a hospitality business through risk isolation, measurable risk, and risk tolerance, so that investment risks and asset risk returns can cover investment costs. Jing Xiandong said that while continuing to adhere to principled supervision and bottom-line supervision, inclusive supervision and hierarchical supervision should be adopted to reserve space for the innovative development of the industry, and better promote the development of inclusive finance and the new economy while preventing risks. "We should not let the term 'Internet finance' bring a lot of convenience to our lives while at the same time allowing many irregular behaviors to taint this term," Wu Xiaoling emphasized, "especially the application and value mining of big data cannot be at the expense of personal data property rights. The ultimate goal of the development of science and technology and the progress of society is to make human beings safer and freer, and to protect the rights of data subjects to possess, use, benefit from and dispose of their own data. Whoever owns the data has the final say. Through strict law enforcement and industry self-discipline, we can ensure that big data plays a greater role under the framework of clear property rights and effective rights protection, and big data will have a healthy future. Finally, talking about the future of financial technology, Zhang Xuyang said that the Internet connects people, people, emotions, people, finance, people, goods, people and services, but these are all existing stocks. Through continuous financial technology innovation, "we can confirm the rights of each intellectual property, so that everyone's intellectual property rights are constantly superimposed on an industrial chain, and ultimately greatly expand our economic boundaries. This is what financial technology can do in the future, and this space or vision is also very far-reaching. And a great financial technology company must be open, it should inspire people's wisdom and connect people's wisdom. "