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Finfo Global – 4th Annual BlockChain Finance & Fin-Tech China

 
【标签】blockchain, fintech

 

 


    In the recent event, the Ministry of Industry and Information Technology of the PRC have decided to construct the National Block Chain and Distributed Bookkeeping Technology Standardization Committee. To further the standardize of the system. The announced Committee will be the model for the industry application in Search and Development and the future of actual application.


    Finfo Global, as a trusted Financial B2B organization, under the support of Shanghai Banking Association, CAIA, The National University Science Park of BUPT, Zhejiang Big Data Technology Association, along with sponsorship from BITRENT, Blockchain Terminal, Metaps Plus, ICO Box, PolySwarm, LiveTree, NEM, Netease Cloud, PPCredit, BlockPass, CREDITS, DBrain, PPDai, Yunhetong, QihengGlobal, ProMe, NeoFintech, Bankrous, DateCoin, Fvi Group, Guoshujinfu, CN State-Owned Assets Investment Think Tank has made a successful event. The event has gathered bankers, insurance companies, payment companies, Block Chain Specialists, Big Data specialists with more than 600 attendees.

 

 

    Dorothy Making Opening Remarks

 

    Finfo Global Vice Assistant President Dorothy made the speech at the event: Block Chain is considered to be the elementary technology. The roadmap for Block Chain in China is to plan in advance. In the future, assets will be transferred into digital format and the shared basic is to be TRUST.


    AI was also mentioned in the speech, as an elementary level of technology, AI will be able to perform self-learning and evolution.

 

 

    Counsellor De Li making the opening remarks

 

    De Li, Counsellor of the former Deputy Director of Central Bank of China, Keynote on Regulation Technology, mentioned: Fintech are facing the risks from credits, regulations, Fintech companies should be careful during the transition for systematic financial risks. As 2018, regulations will be focused on regulations over internet finance, aiming for the development of setup of standardization. There are four sides of the work, including: standardized industry in and out regulations, the support over sustainable economy and supply-side reform, perfection in credit scoring system and financial innovate through technology.


 

    Mayda Lim at the panel


    Mayda Lim, Head of Technology from ANZ joined the panel of “Banking Tech – Retail Banking Innovation”. She pointed that, retail banks serve the end-users. The application of new technology to enhance the traditional products experience to all age users through all available channels. Today, the needs for the Millennial are differed from its ancestors. They require banks to fulfill their requirements by providing different products with levels of services. Bankers have to reach over this and target who they want as their user.


 

 

    CEO and Founder Frank from AXA Asia Lab, Big Data Department Manager Xiongzhi Zhou from Taikang Insurance and Senior Director of Data Product, Raphael Hu from Ping An Property joined the “InsurTech Panel -  Next Gen Insurance”.


    Frank Desvignes thinks, Insurance industry had adopted more new technologies in their new products compared to others. Hopefully, there will be more personalized products available to the market to pursuit the exceptional experience from the consumers. Furthermore, AI and Block Chain technology can make the claim settlement process simple and easy, again, increase in user experience.


    Mr. Zhou mentioned, Insurance industry is now in an efficiency driven time. Fintech can increase the quality of the whole process while facing the consumers. Big Data and Machine Learning are the applications in insurance company, as a result of faster underwriting, risk rating, not only benefits the corporations for efficiency, but also increase its risk management ability.


 

    Head of Strategy and Innovation Santander Asia Keith Ng

 

    On the topic of “Block Chain and Cross Border Payment”, Keith Ng from Santander Banking Group Asia pointed out that the innovation from technology corporations are the motivations for cross-border payment tech. Technology corporations can provide banks, users with information and technological support for safer transactions. There are 2 types as of current stage of Block Chain Cross Border payments: 1. Within banking groups, banks all over the world can make seamless transaction. 2. Built by banking alliances, with its private Block Chain technology by reducing risks and increase in efficiency. 


    Chenhui Wang, Senior VP from Singapore Development Bank joined the panel of Fintech in Consumer Finance, Supply Chain Finance, and Vehicle Finance. He has found that: If Block Chain technology would like to be a huge part of finance in the future, there are several points have to be cautious. First, the transparency of the transactions. It is a double edge sword, bankers and users must maintain the careful control of sensitive information. Second, the Block Chain will need huge number of participants with their collaboration. Lastly a huge amount of money influx will also be an essential.


 

Garry SIEN Making speech

 

     “Technology researchers should focus on the design of technology. End-users only care about the convenience of the applied technology, how they make their lives better and easier.” From Garry Sien, ANZ Head of Technology, “Banking Group Resulting, there are four sides of works should be done by the IT researchers. First, making explanations in the language that user can understand. Second, understand the business type of the users, their needs and requirements and the reason that they did not choose others. Third, initiate the contacts with the end-users to make sure the end users feel they are being cared about. Lastly, bankers should be a reliable consultant, which should never be over committing.”


 

PolySwarm VP Bill Fehr

 

    Under the panel: “Cloud Tech Implementation in the Financial Institutions”, Bill Fehr VP from PolySwarm noted:” the support and resources are essential to the program along its planned roadmap. Convincing the IT department, sales team and regulators by explaining block chain and its value are the fundamental of financial institutes to adapt a new technology or solutions. As soon as they have acquired the appropriate knowledge and techniques, they will be able to accept the new tech or solutions, taking a more open attitude to support its application in the business.

    


    Based on the results of the event discussion, Blockchain is being well rated by the financial industry. Supply Chain Finance, 3rd Party Payment and InsurTech are all some leading fin-techs that the traditional financial industry has their eyes on. However, they are still considering the application of the fin-tech with care and cautious. With the updates on regulations, fintech, leading by block chain has offered a huge variety of financial tools to the traditional finance industry. These fintech are able to greatly increase the satisfaction for the customer service. Incidentally, increase the overall service environment experience.


Editor in charge: Xiao Jian



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