Digital advantages include the longevity of blockchain advantages and domestic earnings.

On December 11, 2020, the venture capital firm Smart Finance Summit organized by Sina Finance was held today in Beijing. Zhu Xiaohuang, former member of the board of directors of CITIC and former chairman of CITIC bank, attended the meeting and delivered a speech. .

Zhu Xiaohuang said the digital advantages include the longevity of blockchain advantages and the best advantages. By law, sovereign currency is historically engaged with the country that occurs, and the circumstances for reverting to the terms of the trade agreement are more important to the network than fiat currency. For example, Bitcoin is a currency that is accepted and promised by both sides of the exchange, which can be done more depending on the state of the market. , which is better for the distribution performance and the efficiency of the products. The concept of money cannot be used to measure the status and characteristics of virtual resources, influence network characteristics, and propose legal models of the corporate network and virtual currency market and risk management. So it's a long process. In this process, the digital and national advantages will be far removed.

You will find the full text of the guest speakers below.

Everyone is friends and I am very happy to join the forum on Sina.com.

The context and the context of my remarks relate to the future functioning of the bank. I want to talk about two issues. One is a change in the way banks operate and the other is the future impact financial instruments will have on our banks.

When it comes to the future, you have to ask yourself what the future holds. There is no immediate future, only a transition to the future. Some say "the future is here". It is the language of the Internet. It is about the present, present, future and past of life and business for the whole world. When we talk about business events, the past, present, and future are all inclusive, including concepts and relationships. When we say "the future is here" we do not mean that everyone is entering the future immediately, but if a significant event or event has occurred. The future is determined, influenced and explained by the present.

To cope with future changes, we must first study the characteristics of today. The time bank depends on their position. We know that a bank's job can always be about deposits, loans, and currencies - that is, finances, payments, and financial advisers. Financial management is fundamental to inflation, in fact, the truth is more difficult, the spread of earnings continues, the decline in the money we need is also the result of easy operation. Thus, financial management is an important part of banking business. . not found. The incomes are growing, and there is a strong demand for capital in the whole process of economic development, and the demand for electricity has led to the growth of construction and financial products of banks. The origins of payments lie in the business cycle, and banks play an important role in this cycle. What we are now and what we are in is inextricably linked to its origin.

What changes have had an impact on how the industry operates today? I think there are some very obvious ones.

First, the internet has changed the financial ecosystem.,In particular, despite the expansion of the channel and changes in the industry, these changes do not change the important role of finance. So, just as peer-to-peer and digitization have already taken place, in the final analysis all other aspects of financing, payments and financial management must be taken into account, dealing with the relationship between income and the risks. But to see the emergence of the Internet and the emergence of communication, major changes have taken place in existence. That is, everything came out. The Internet allows us to reach every corner of life, everything and every aspect of humanity. I think it was the Internet that changed the entire financial ecosystem.

Second, today's finances will require additional professional assistance including deposits, loans, and currency.,The so-called "finance and intelligence". Many banks often use the term “finance and intelligence” when promoting their products. In my opinion, "finance and intelligence" is not a statement, but a fact of banking. Differences in the product market, the use of banking equipment, especially the use of technology for risk management and the use of information technology, have led to business and intelligence services more sophisticated have become an integral part of corporate finance. Asset risk, risk assessment, risk warning, robo-consultant, various financial solutions, exchange rate comparison, etc. require models and models to solve, and even general financial analysis requires the expertise of a professional background checker. The staff can do it.

So if modern banks didn't have the skills and knowledge, we would feel weak and without competition. The simpler, more intuitive and more convenient the service for people, the greater the need for banking skills. Accordingly, the second task defines new needs for intelligence services, and banks should be able to transform these skills into services.

Third, protective equipment. For a combination of wealth in construction and underdeveloped people, these needs have shifted from traditional financial management to saving and investing. . Available precious metals, foreign currency, asset allocation, safe, organization, industry, ABS, security, etc. are all designed to maintain and promote wealth, which is efficient and secure, and increasing the value of existing assets is a good gift. the new bank position is not visible. In terms of functionality, compared to traditional deposit and currency borrowing, it has been developed to date. It is true that banks need to change over time, and this change has happened because, in my opinion, deposits, loans and exchange rates have not disappeared, yet the online interaction , testing and monitoring have arrived.

The bank that looks to the future of the market as it works hard to build new businesses around six roles: deposits, loans, remittances, network, intelligence and management. Deposits, loans and currencies are built on risk management, while the internet, information and management are built on modern smart devices. The bank of the future is therefore one where risk management and intelligence are involved. In the business environment, six roles are at the base of the product and two technologies are competitive. No matter your name, no matter what your face looks like, your words will be new, your design will be a challenge, in my opinion 62 or 6 roles plus 2 intelligence options. It is a determinant of the performance of future banks.

The second is the question of the financial ecosystem involved in the development of the technology.

In recent years, the extent of investment and finance in the technology industry has increased dramatically, as has overall investment in technology and finance in global financial markets to over $ 100 billion, and the costs of growth were very high. The use of technology in the financial sector in China has passed five milestones. The first is to use a single computer in the 1980s and early 1990s, the second is to use a computer network after the mid-1990s, and the third is to use data from a system after 2000. Consumers often use big data for usage analysis, debit card payments and risk management, phase 4 refers to 2010 when online and financial payments go online. To start in general, level 5 is big data and blockchain technology. There are a lot of scenes.

However, we must know that the concept of financial technology is the use of technology, which means that the use of technology must come back to understanding. Well, not just the technology, but the service models and the innovation models of the industry. The bank is a company with business knowledge, the best conditions for the use of a variety of technologies, including financial products, payments, credit cards, risk management skills and wealth management , and have a high level of use and support. Use these new tools. Moreover, even though banks have good finances, that does not mean that they can be technologically advanced. Financial firms are service companies, and when using technology they need to think about the market perspective and their perceptions, be it consumers or consumers. , determining which financial company to use and how to use it. Where to use it and where to use it.

As for the future of financial technology, the consolidation phenomenon can be noted as follows, this is the bank of the future, and more circumstances should be shared.

1. Long-term integration of information and front desk services. The intelligent, simple and automated transformation of banking services is a microcosm of the high-quality development of the Chinese economy. Financial analysis, business, risk management, payments and other areas completed the important information.

In April 2018, China's first non-public bank moved to Shanghai, but the needs of the elderly and low-income people in the community must also be considered. In the long term, data and response services must be shared. Indeed, different product groups have very different needs in terms of behavior and services. As a result, smart banks will not be able to function, which is unfair to people who do not have access to modern equipment.

2. Long-term combination of cash and payments. Support for cashless payment tools such as WeChat and Alipay expands, complements and converts cash services, and cashless and cashless payment tools meet the diverse needs of the population. Despite the rapid development of payment systems today, the demand for cash remains high. M0's balance in April 2019 was 7.4 trillion wins, up 3.5% from the previous year. He thinks cash payments have been around for a long time, and I have been around for a long time.

Three. Numerical values ​​include the longevity of blockchain currency and national currency. By law, sovereign currency is historically engaged with the country that occurs, and the circumstances for reverting to the terms of the trade agreement are more important to the network than fiat currency. For example, Bitcoin is a currency that is accepted and promised by both sides of the exchange, which can be done more depending on the state of the market. , which is better for the distribution performance and the efficiency of the products. One cannot use the concept of money to measure the state and characteristics of virtual resources, influence the characteristics of the network, and abandon the commercial and legal standards of the network of virtual currency market and risk management. So it's a long process. In this process, I think the digital and national advantages will be far removed.

4. Master data batch processing and long-term industry-level humanization, customization and self-integration. I believe the whole business is based on three main factors: first, the face of the human body, second, personal past, and third, information symmetry. We would already have some digital distribution if we weren't doing well. We cannot live together in the traditional information and financial environment. Labor and financial costs will be in the future if we don't. There are many problems. We cannot get what we call a technological breakthrough at the expense of a few people, or even the rights of a few. Therefore, I think this is the main theme of this period to build a better partnership.

5. The physical connection and online business will stay together for a long time. It's surprising that large companies no longer have a physical connection, and it's hard to imagine that situation, at least at this point. It doesn't look like physical networks are going away in the future. It seems their roles and responsibilities are different, they create ecological systems that integrate physics and blend into space. Therefore, we believe that the integration of the network and the enterprise in the network, the enterprise of the retail sector and the enterprise of the network will stay together for a long time.

These questions lead us to talk about banking, the bank tightening, and the new jobs that led to finance through advancements in technology, so to speak. Organization, others, different users, different regions, all can easily enjoy the complete, fast and secure financial services of the financial ecosystem. I think this is an important part of looking at finances today and their future. concept.

Thank you all!