Zhang Wenwu, Vice President, ICBC: Fintech Innovation Drives Sustainable Financial Development

On November 3, Zhang Wenwu, Vice President of Industry and Commerce of the People's Republic of China and Member of the Board of Directors, addressed the 16th and 21st on the theme "Creating Innovation with the Fintech innovation to drive financial improvement and high performance Services”. . Century Asia Annual Financial Conference Keynote.

Zhang Wenwu noted that focusing on our main financial challenges, promoting better financial performance and better performance of new development models is a new goal and spring for banking enterprises to support sustainable financial development.

Zhang Wenwu said healthy and stable economic development is inextricably linked with new technologies. In recent years, fintech has emerged as an important driver of financial transformation and advancement, from history to the future. The banking sector has always had a digital seed and it is better to use technology to solve problems, provide services and integrate into new development models.

Zhang Wenwu said that ICBC adheres to technology and technological innovation, further promotes financial stability that leads to change in financial technology, and provides good services for new development patterns.

We will become the "leader" of autonomy and self-improvement at the highest level of science and technology, supporting infrastructure based on "stable rock".

The first is to create a stable income for safe manufacturing and operations. It ensures secure and stable operation of the team's entire information system, supports the 69 trillion won bank in asset management, and provides a wide range of financial services to 700 million users and 9 .2 million professional users. world 7*24 hours.

The second is to create a basic technology output platform with a complete system for the enterprise. It takes five years to complete the IT restructuring and build an open ecosystem of intelligent, open, collaborative, efficient and integrated smart banks, paving the way for the use of the most important debit card information from their hearts. Switch to a larger interbank system mainframe, build two core "cloud computing decentralization" technology platforms with industry demonstration, strengthen the integration and application of new technologies, and develop a "fusion" of nuclear technology.

The third is to create a whole new digital infrastructure with design, security and reliability. Accelerate with advanced technology, improve the efficiency of data processing, large-scale data processing and intelligent applications, and continue to improve the level of green and low-carbon data parameters. National Green Data Center."

We will become the "pioneer" of real-world financial services by promoting the integration of technology as a "space".

ICBC has always adhered to the financial principles of real business operation, improving the efficiency and level of services, and meeting the different financial needs of real people and businesses, so that the achievements of digital business development can be further widened. And it helps people's lives.

The first is to develop digital integrations and clearly support small and micro businesses. We have developed a mix of digital products including digital loans, mortgages and loans, and digital financial products, and reported over 500 product cases. Financial transactions such as mortgage loans through the use of information inside and outside the bank. , e-commerce loans and tax credits Support for the “drop by drop” sector.

The second is to link different data and help rural areas rebuild and improve. Named "ICBC Xing Nong Tong", it was newly developed to support the concept of service, becoming one of the first joint ventures of the Ministry of Agriculture and Forestry for direct communication and book exchange. Established an international service network in the city and developed "ICBC" online financial services such as agricultural loans".

The third is to create digital government along the lines of "rule of law empowerment, rule of law empowerment, and service reform." Improve the new standard of government digital services, including government operations with financial services, realize "one-stop service" for a variety of tasks, provide health security, bonuses, business registration and others public and private services, and "government services" supports efficient "network services" and "distribution, administration and services" of government agencies.

The fourth is to promote smart business and facilitate domestic and international travel. As a combination of self-developed enterprises at home and abroad, a three-dimensional network of "offline and online", "at home and abroad" and "internal and external" has been established. . Actively engaged in the digitization industry, close to the whole chain of modern agriculture, high-tech manufacturing, modern service industry and other industries, and develop functional financial services that cover all smart home industry areas such as gold, cross. - border electronic platform - industry, global competition.

We will become "experts" who prevent financial risks by using the deep power of data sharing like a "Power Point".

Maintaining financial security is a strategic and strategic issue that affects the entire economy and development of our country. Financial risks are profitable, exponential and destructive, and must be dealt with boldly to prevent and minimize major financial risks.

The first is to improve intelligent risk management and increase the level of digital risk management. Continuously improve risk management skills to meet the needs of the digital age, recognize the transition from "human control" and "control systems" to "intelligent control", and strengthen multi-dimensional and three-dimensional intelligence. Improve risk prevention information and management capabilities and continue to improve financial risk prevention and problem solving.

The second is to strengthen integration and build a risk prevention channel with industry. Fulfill the role of large banks, enhance the benefits of fintech, and actively share past experience in risk prevention and management, business management and other small and medium-sized enterprises (SMEs), protection of consumers, smart loan decisions, business risk management, financial compliance are nearly 20 things big equipment, including laundry care, 5 services to more than 300 financial companies.

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In recent years, financial devices have gradually evolved from "internal services" to "external connectivity and home improvement", and technological processes, innovations and technologies have become "achievements" to improve financial performance.

The first is to improve leading campaigns and design and streamline digital transformation processes. Focusing on new areas and circumstances of the financial system, a new three-year plan for the financial sector has been developed and put in place to provide a clear view of the entire banking system.

The second is to support the modernization of processes and procedures and promote the integration of industry and technology. Focusing on market expansion for key customers and major projects, we will resolve key development issues, implement and improve "advertising and culture" processes, improve financial development response and capitalization, and pursue collaboration with companies. Research institutes carry out research and development activities to create integrated “industry-university-applied research” operations.

The third is to strengthen the development of research and technology teams and support the development of skills development projects. Through technology industry collaboration, we actively develop manpower for technology research and technology, supporting a large group of fintech experts who "understand investing and communicating with technology", establish " vocational training - for work "and" banking business ". It creates a research and new technologies center that understands and the whole bank understands. "