Huang Yiping: Our strategy for developing a new level of financial management

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On December 16, Huang Yiping, chairman of the scholarship committee of the 40th China Financial Forum (CF40) and director of the Beijing University Financial Research Center, spoke about "Our thinking on the development of digital financial services to a new level " . “The 14th Golden Unicorn Financial Summit” Keynote.

Huang Yiping said that during the "13th Five-Year Plan", our country's finances have made significant achievements. The penetration of digital finance is very high. Advances in information technology have made it more difficult to access clients and manage risk in financial services. Now our company has entered a new stage of development in the "14th Five Year Plan". Digital accounting also requires new technological advancements, business transformation, and privacy concerns. The policy must be balanced with innovations and improvements, while not forgetting to address the issue of policy for big data.

Huang Yiping Data Card

Below you will find all the texts of Yiping Huang's quotes.

I would like to share some questions or understandings of digital financial integration.

We know that during the “13th five-year plan”, our country has made great progress in the development of inclusive finance. The biggest explosion is the reality of digital finance. In other words, some of the most difficult problems arose from digital technology in solving financial services and including financial problems.

For example, the mobile payment we are seeing now, the use of high tech, online investing, digital insurance, etc. have spread across the country, and this will require access to entry into the past to be very high. The two main problems encountered in the provision of financial services are, on the one hand, the difficulty of obtaining customers, and on the other hand, the difficulty of risk management.

We know that the financial sectors, including the main consumers, are low income people, rural entrepreneurs and some small and medium enterprises (SMEs). Generally speaking, they are also small, also have large numbers, different areas, uncertainties and lack of certain financial qualifications, such as financial information or assets. Therefore, it is very difficult to provide services to them. This is why it is often said: "The improvement of the financial system combined with the fact that it is a global issue".

The use of advanced technology has enabled us to achieve success in all areas of finance.For example, certain technologies, such as cloud computing, big data, cloud computing, cloud computing and blockchain can play a unique role in financial services. , for example, large-scale technology has a long-term impact, it can help. improve and refine the user experience, and can help reduce costs and manage risk. So, it changed some of the simple problems and some of the characteristics of financial companies still working for consumers in a way, leading to improved financial inclusion.

In its simplest comparison, as long as there are smartphones in China today, almost anyone with a cell phone will be able to enjoy similar financial services wherever they are. It is the most unique thing we are talking about. Inclusive finance. Thus, during the “13th Five-Year Plan”, our financial inclusion made it possible to achieve both the public objective and the nature and cost of the financial services obtained.

This year marks the start of the “14th Five-Year Plan”, and business development has entered a new phase. Inclusive financing still needs to be improved. Much has been accomplished during the 13th Five Year Plan, but this work is not yet complete.

More specifically, it will depend on how digital finance can support the development of financial inclusion during the "14th Five Year Plan", which focuses on small and medium enterprises, low income groups and rural entrepreneurs. Many functions can be changed.

In short, three things should be noted.

First, the industry will need new developments, especially in some new areas.What we've done best in the past is mobile payments and high tech scores that help solve some of the financial problems for small businesses. However, this will not be enough. We use high-tech equipment, this online consumption analysis and big data to provide loans and solve a variety of problems, but the focus, to say the least, is still limited. In the meantime, there is more potential to promote real business. We will therefore need innovation in our business.

For example, in the future, can we rely more on Internet of Things and Internet of Things marketing to support the development of digital financial products? At the same time, the financing of our loans, their scale and maturity can also be improved. so,From large-scale, previously pure online credit to Internet financial service users to some Internet financial service companies, there are many jobs ahead.

Many of the investments and financing we are talking about are generally credit-based, but in practiceInvestment projects can be a great promise to support new businesses, especially small and medium enterprises (SMEs) in the future.From an international point of view, financial investment has been more able to support innovation. We recently created the Beijing Stock Exchange to support new businesses. But here is the problem. How to get these companies to go into business to raise funds because business start-ups are higher than business start-ups How can we do better through hard work How investors decide to helpWe need to consider the use of big data analytics and digital technologies to build digital business enterprises and promote SME listings.

Another thing we need to keep in mind is that although we often talk about financial services and more so about payments and finance, investment issues are also very important in practice. Most people have a lot of money to invest, but now they have little space to invest. In the past, banking or real estate was the default, so we need to change that, leaving more room for innovation in how people can invest in business models like robo-advisors, for example.

We expect the digital finance business model to grow significantly during the 14th Five Year Plan.

Second, additional support for the transformation of the economy must be made more conducive to the promotion of digital finance.Although many service providers, private companies and individuals can compete fairly in the market and stand on an equal footing, further business reform is needed. There is another problem with this. We know that the consumers of global finance are very important, but they can also be very risky.complete business based on the value of risk;We help improve the financial environment.

As he has said many times in the past, we need to help you with your financial difficulties and problems, helping you cut costs while simplifying is a good start. improve their business operations. However, we know that these companies are often high risk, in theory the cost of financing is slightly higher, but in practice it is worth it.

so,Based on the principle of efforts to improve the market according to the future financial market, more decisions will be made to enable the market to determine the value of financial value. In the short term, financial costs may increase slightly, but in the long term, digital financial accounting is the key to increased security and prosperity.

Finally, there are data law issues that support digital financial integration. Big data is the “oil” of our digital finances, and it is difficult to create digital finances without data.Now the government has said "the data is the latest in manufacturing." It's great, but at the same time, you have to use new strategies to understand how to manage your data.

When discussing aspects of past manufacturing, policies need to be identified, provided, priced, traded, and corrected, such as land, capital, and energy. I think we have to be a little more open, but we have to think in a lot of ways that are not cultural products rather than traditional products. For example, when it comes to identifying policies, policies such as works or land cannot verify authenticity.What needs to be confirmed is the privacy policy and privacy, but at the same time sufficient margins need to be given up for big data analytics to be effective.

Even around the world, you will find that the regulations governing data in many countries are not the same, some are strict and some are loose. Europe is very strict and everyone thinks this is our model, but the flip side is that digital commerce and digital finance are difficult to develop. Of course in the past they were very loose, now they have to tighten their control and go in those directions, which makes sense. financial innovation.

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