2022 is a year of great historic significance in the development of digital finance in China. In January , the People's Bank of China issued the "Financial Technology Development Plan (2022-2025)", which clarified the overall ideas, development goals, key tasks and implementation guarantees for the digital transformation of financial in the new stage; , the China Banking and Insurance Regulatory Commission issued the "Guiding Opinions on Digital Transformation of the Banking and Insurance Industry", which pointed out the key directions and success paths for banks and insurance companies digital transformation of . In November, the People's Bank of China and eight other departments jointly issued the "Overall Plan for the Construction of Science and Technology Innovation Financial Reform Pilot Zones in Shanghai, Nanjing, Hangzhou, Hefei and Jiaxing", providing important guidance for strengthening the development of digital finance in the Yangtze River Delta region.
In order to actively respond to the national development strategy, serve the construction of Yangtze River Delta integrated and the construction of Shanghai International Financial Center, Zhejiang University Financial Technology Research Institute (AIF) and East China Normal University Yangtze River Delta Financial Technology Research Institute, under the guidance of China Communication Society (CICh), under the background of strategic support provided by " Financial Electronic " magazine, it joined hands with Huaxia Bank Hangzhou Branch , Zhejiang Digital Financial Technology Federation (ZAFT), Qiantangjiang Financial Harbor Core Area (Shangcheng) Development Alliance, Shenzhou Information, and Zhejiang University International Joint Business School (ZIBS) held the professional exchange activity of the "2022 Yangtze River Delta Digital Finance Forum". Focus on cross-border exchanges, cooperation and collaborative innovation in digital finance industry, academia, research and application, and promote the innovation and application of digital finance in the Yangtze River Delta region and even the whole country. The event was hosted by Liu Yi, Secretary-General of Zhejiang Digital Fintech Federation, Assistant Dean of Zhejiang University Financial Technology Research Institute, and Associate Professor of Practice at Zhejiang University International Joint Business School.
Opening Speech
At the beginning of the meeting, Professor Ben Shenglin , Dean of the Institute of Financial Technology of Zhejiang University, Dean of the International Joint Business School of Zhejiang University, and President of the Zhejiang Digital Fintech Federation, delivered a speech to the forum event. He said that the development of digital economy is the general trend, and the transformation of the financial industry is also right. He proposed that, on the one hand, according to statistics, as of the end of June 2021, the total scale of my country's digital economy has reached 39.2 trillion yuan, accounting for 38.6% of the proportion of GDP, but compared with developed countries in the world, we still have a lot of room for development; on the other hand, the rise of the digital economy is the fundamental driving force and demand driving force for the digital transformation of finance. From the perspective of digital infrastructure, he put forward three views: First, new digital infrastructure drives the implementation and application of new technologies in financial scenarios, broadening the boundaries of financial services. The second is the construction of a national integrated big data center system, which will provide a basic foundation for data governance and mining data value in the financial industry. Third, the construction of information network infrastructure will also promote the digital transformation of the financial industry from the underlying information technology architecture. Among them, we will promote the transformation of traditional architecture to distributed architecture, especially the transformation and deployment of IPV6, further improve the infrastructure business carrying capacity and terminal support capabilities, and enable financial institutions to gradually form independent development, design and independent upgrade capabilities of distributed architecture . Finally, Professor Ben Shenglin said that the ecological institutions of the Zhejiang University Financial Technology Research Institute will continue to increase cooperation with all parties and contribute to the healthy development of my country's digital economy and digital finance.
Executive Vice President of the Yangtze River Delta Financial Technology Research Institute of East China Normal University delivered a speech at this forum event. He said that the "Financial Technology Development Plan (2022-2025)" issued by the People's Bank of China in January 2022, the "Guiding Opinions on Digital Transformation of the Banking and Insurance Industry" issued by the China Banking and Insurance Regulatory Commission, and the "Overall Plan for the Construction of Science and Technology Innovation Financial Reform Pilot Zones" jointly issued by the Central Bank of China and eight other departments jointly issued by the "Overall Plan for the Construction of Science and Technology Innovation Financial Reform Pilot Zones in Shanghai, Nanjing, Hangzhou, Hefei and Jiaxing" provided important guidance for strengthening the development of digital finance in my country, especially the Yangtze River Delta region. The integration of the Yangtze River Delta is an important national strategy, and strengthening the development of digital finance in the Yangtze River Delta is an important part of the integration of the Yangtze River Delta.However, there are still many problems and difficulties in the process of digital finance development that are worthy of serious confrontation by financial institutions, financial regulatory departments and all sectors of society. As a school-level scientific research platform, the research institute has made positive efforts in promoting industry-university-research-investment cooperation in the field of digital finance in recent years and has achieved certain results. In particular, the third Yangtze River Delta Financial Technology Innovation and Application Global Competition has received joint support from more than 30 units including the China Communications Society, the China Communications Society Financial Technology and Digital Economy Development Expert Committee, the Beijing Financial Technology Industry Alliance, Shanghai Financial Industry Federation , Shanghai Banking Association and Shanghai Banking Association . The regional scope of the participating units has covered the "three provinces and one city" in the Yangtze River Delta region. The competition has reached the best level in the country in terms of the number of participating projects, the quality of projects, the level of participating institutions, etc. In the future, we will further strengthen our vigorous cooperation with Zhejiang Province's financial management departments, industry organizations, financial institutions, technology enterprises, and especially Zhejiang University Financial Technology Research Institute, actively carry out bank-school cooperation, school-school cooperation, and school-enterprise cooperation in the field of digital finance in the Yangtze River Delta, and make new efforts and contributions to the industry-university-research-application cooperation, innovative application, and talent training of digital finance in the Yangtze River Delta.
Mr. Yan Jiongzhi, Secretary of the Party Committee and President of Huaxia Bank Hangzhou Branch, delivered a speech on this forum event. He said that the financial industry represented by banks, as an industry with high maturity in digital construction, has been disruptively impacted by latecomers such as the Internet, financial technology, and , and digital transformation has become a must-have option for banks to survive in a fiercely competitive market. Huaxia Bank focuses on the needs of the real economy and regards digital transformation as its primary strategic positioning, focuses on characteristic industries or industrial chain ecology, and actively builds a "1+2+N" service system. Among them, "1" refers to a platform, that is, to build a digital system platform to support the full process of industrial digital finance, and "2" refers to two types of digital products systems, that is, to enrich financing and settlement digital product systems around upstream and downstream transaction scenarios of the industrial chain. "N" refers to N industry solutions, that is, to vertically expand N industrial chain ecological scenarios along national strategic key industries to provide solutions. In order to effectively promote digital transformation, the head office has established the Yangtze River Delta Product R&D Center and the Yangtze River Delta Business Department of Longying Technology Company in Hangzhou. The branch has successively established the branch's digital transformation leading group, the Internet Finance Innovation Department and the Digital Finance Department. Innovate and establish cross-departmental research teams and flat agile teams, and focus on building model construction teams, model evaluation teams and technical development teams to provide comprehensive organizational or human resources guarantees for industrial digital financial innovation. The branch has explored the opportunities for the full-chain cooperation of industrial ecological scenarios, cleared the pain points and bottlenecks of financing for small and medium-sized enterprises, and has successively created business models such as digital factoring, digital logistics, and digital product pools, deeply cultivated core enterprises, covering advanced manufacturing, energy renewal, smart logistics, and and other national strategic key enterprises, initially formed systematic industry service solutions, and promoted industrial digitalization or digital industrialization. In the future, the branch will work with all parties to make efforts in the three aspects of scenarios, data and technology to jointly promote the high-quality development of digital financial business .
keynote speech
At the meeting, Mr. Jiang Ling, general manager of the Digital Finance Department of Hangzhou Branch of China Chuangye Bank, gave a speech on the theme of "The Current Situation and Challenges of Digital Transformation of Huaxia Bank Hangzhou Branch". He said that as the leading province of digital economy in the country, Zhejiang, according to the guidance of the "14th Five-Year Plan for Digital Economy Development in Zhejiang Province", by 2025, the added value of the digital economy will account for about 60% of GDP. Zhejiang Province plans to build a pioneer province of digital intelligence finance led by Hangzhou International Financial Center and a first-class wealth management highland with Qiantang River Financial Harbor as the core. This will bring a once-in-a-lifetime opportunity to the digital transformation and development of various bank interbanks in Zhejiang. However, in the process of digital transformation, the banking industry faces three challenges: low level of digital business thinking, shortage of core digital talents, relatively weak digital foundation, and need to be enhanced in data governance.In order to effectively do a good job in digital transformation, Huaxia Bank Hangzhou Branch established a digital transformation leading group headed by Yan Jiongzhi, the branch president, to comprehensively coordinate the promotion of digital transformation work, formulated the "Huaxia Bank Hangzhou Branch 2021-2025 Digital Technology Transformation Action Plan", and took multiple measures to actively promote the use of the provincial financial comprehensive service platform. It has built two digital product systems in terms of the three types of industrial ecological models of core enterprises, industrial direct access, and industrial parks, and gradually built an "ecosystem" of industrial services. By introducing blockchain, big data and other technologies, it has achieved breakthroughs in digital credit and digital intelligent risk control technology.
Shanghai Rural Commercial Bank Chief Information Officer Zhou Hengchang gave a speech on the theme of “Accelerating digital transformation and promoting the construction of digital banks”. He said that the digital transformation and development process of banks is marked by outlet informationization, online banking, mobile banking, smart banking, open banking, and digital banking. Digitalization is mainly manifested in digital operations and digital decision-making. At present, there are four major challenges in bank digitalization, namely, from traditional IT architecture to the structural group represented by , the new generation of information technology, , from closed to open services, from deterministic market demand to personalized, scenario-based and differentiated market demand, from a single product solution to a full set of operation solutions. The top-level design of digital transformation needs to be designed and promoted as a company strategy, with the governance of data, services, and management accounting first, the organizational structure is open, agile, innovative, co-construction and sharing of the whole hospital, organizational models, work processes, integration assessment mechanisms, etc. that integrate business and technology, and supporting innovation fault tolerance mechanisms and customer experience management. The key points of digital operations include mobile banking super APP, remote banking , smart outlets, mobile industry development, open banking, and a complete customer labeling system. The key points of digital decision-making include building a complete customer labeling system, marketing center, intelligent risk control, self-service data services, and agile and responsive model factory. Finally, he sorted out the technical route of building a digital bank, large banks made overall plans and reconstructed the architecture, and small and medium-sized banks gradually promoted the middle-end strategy of technology, business and data. In this process, we must strengthen basic governance, strengthen coordination mechanisms, execution capabilities, and strategic management, integrate teams to make joint decisions, visitors, and implementation, develop sensitive and steady-state technologies in IT capabilities at the same time, and supplement special technology research and development flexibly.
Mr. Tong Wei, assistant general manager of Zhejiang Securities Information Technology Development Department, delivered a speech on the theme of "Technology empowers financial development, and digital leads value innovation". He said that as the first locally listed brokerage in Zhejiang Province, Zhejiang Securities attaches great importance to the investment and construction of financial technology, adheres to the construction of "digital Zhejiang Business" as the center, and takes digital and intelligent business, precise services, intelligent products, scientific decision-making, precise risk control, and informatization of management as six important directions, and strives to build a digital transformation path. The company has specially established a digital reform leading group, with a digital reform office, and has coordinated the establishment of ten digital special teams to promote the implementation of digital solutions in core business areas. In the process of development, we have promoted the company's digital transformation with digital brain, digital teams, digital offices, digital assets , and digital finance as the core. Among them, digital brain, as an important task in the digital construction of Zhejiang Securities, has built a "1+14", covering three business areas: retail line, organization line and management line. From traditional digital reporting to accurate and real-time data statistical analysis, digital brain has promoted the company's digital operation and integration, helping the company make scientific decisions.
Results Report
Chief Technology Officer of the Yangtze River Delta Financial Technology Research Institute of East China Normal University conducted a report on the results with the theme "Analysis of the Demand for Digital Transformation of Commercial Banks - A Special Research Report Based on the Yangtze River Delta Financial Technology Research Institute".He said that there are important universal problems in the digital transformation of commercial banks. The long-term unchanged business model of bank credit business in the past needs to be further improved today, develop new credit business models with inclusive finance and ESG as the goal, and explore new credit customer value assessment methods; the scattered old systems and the lack of paradigmized data are inconsistent with mining customers' deep value potential; the lack of systematic theoretical guidance, organizational guarantees, cases and experience. We believe that banks should think globally, fully implement digital operations, combine customer value concepts with new financial tracks such as ESG, and use digitalization as a means to transform internal processes into an important part of digitization of financial products ; explore the credit risk characteristics of new technology enterprises such as ESG from the perspectives of credit risk control and customer value, clarify key data and indicators; comprehensively carry out data governance , improve the availability and accessibility of internal data, and cooperate with third parties to carry out new financial infrastructure construction; uniformly sort out and transform the entire bank's system, improve the logical modeling of case management in the system, and solve the impact of business polymorphism and service level diversity on the reliability of the system.
Achievement Release
Chief Financial Engineering Expert of Zhejiang University Institute of Financial Technology, Assistant Professor and Researcher of Zhejiang University International United Business School, Mr. Shao Hui released the results with the theme "Trends of Digitalization of Financial Institutions: Theory and Practice (Outline)". He said that digital infrastructure has consolidated the foundation for the transformation of digital and intelligent financial institutions. The industries, individuals, financial markets, and financial institutions empowered by digital and intelligent have promoted the transformation of financial business models, and digital and intelligent industries have symbiotically. Banks and securities and insurance have different paths. From the analysis of keyword frequency of financial reports, information technology investment, invention patents and software copyright, central bank financial technology awards, APP monthly active users and version iteration speed, it can better evaluate the adaptability of financial institutions' digital and intelligent transformation, from the construction of strategic capabilities and organizational capabilities, scientific and technological capabilities and data capabilities, digital and intelligent empowerment and business reconstruction capabilities, and customer-centered user experience can better evaluate the transformation of financial institutions' digital and intelligent transformation. Finally, Mr. Shao Hui said that the book "Trends of Digital Transformation of Financial Institutions: Theory and Practice" will be published soon. In addition, we are also building the China Digital Financial Alliance, hoping to better promote the digital transformation of Chinese financial institutions through this alliance.
Mr. Bao Yunan, financial industry manager of Deloitte Consulting, released the results with the theme "Why Financial Institutions Need to Digital Transform". He said that last year, under the leadership of President Ben Shenglin, we surveyed nearly 100 financial institutions and financial technology innovation enterprises, and only then did we summarize the nearly 700,000 words of "Digital Transformation Trend of Financial Institutions: Theory and Practice" and "Digital Transformation Trend Report on Financial Institutions". The book is divided into two evaluation systems: digital engine drives the transformation of financial institutions, digital intelligence transformation, financial business model transformation, bank guarantees digital intelligence and financial industry symbiosis, and financial digital intelligence evaluation adaptability and maturity. The financial technology track is a sunrise field where the fundamentals of the industry are formed and reshaped, and it is about to enter a period of large-scale explosion and innovation. From the transformation from the "1+N" to the "N-to-N" model, we have sorted out the three major values of industrial financial intelligence: changing the risk management model, developing ecological collaboration model, alleviating the asymmetry of financing information of small and micro enterprises, broadening the boundaries of personal financial business, unified account, super personalized service, integration of intelligent heads, and automation of business. Technology empowers financial market transactions, which used to be mainly concentrated on the C-end, such as online services, smart investment advisors and other C-end wealth management services. In recent years, technologies such as data mining and machine learning have deepened their support for digital and intelligent practices in B-end asset management and investment transactions, covering the core operation links of B-end such as investment decision-making and risk control. The digital directions of financial market transactions mainly include FICC business, derivatives, trust standards, quantitative investment and research. The main development directions of digital and intelligent operations include integration of front, middle and back office operations, standardization of operation systems, refined business scenarios, and ecological platform construction.In the book, we propose a strategy to reshape the digital transformation of banks, insurance and securities companies in many aspects.
keynote speech
Zheng Xiaolin, deputy director of the Institute of Artificial Intelligence of Zhejiang University and chief scientist of Jinzhita Technology, delivered a theme sharing on "Privacy Computing Empowers Financial Technology Innovation". Professor Zheng said that driven by the " Network Security Law ", "Data Protection Law", " Personal Information Protection Law ", " Credit Reporting Business Management Measures ", and other relevant laws and regulations, financial data applications are accelerating their entry into the privacy computing model. Privacy computing technology has realized "data available and invisible", "computing is trustworthy and linkable", and "controllable and measurable use", breaking the " data island ", and integrating external data safely and compliantly, helping financial institutions in technological innovation and application. Professor Zheng also shared the latest progress of Jinzhita Technology in privacy computing research such as security federal learning and improved security multi-party computing. Many scientific research results have been published in international top conferences and journals such as NeurIPS, WWW, IJCAI, AAAI, TKDE, etc. Professor Zheng also introduced the output of the national key R&D plan "Big Data Credit Reporting and Intelligent Evaluation Technology" - Jinzhita Privacy Computing Platform. This platform is a one-stop data circulation platform that solves data security and circulation. By integrating secure multi-party computing, federated learning, blockchain and other technologies, it has functions such as data hierarchical classification, data quality audit, data effect analysis, data application evidence storage, etc., and can support different security requirements in various scenarios. It has passed the authoritative evaluation of China Academy of Information and Communications Technology , the National Financial Technology Evaluation Center and the Ministry of Public Security. The platform currently has rich applications in three major fields: digital government , digital finance, and digital industry. In terms of digital finance, Jinzhita Technology has joined hands with financial institutions such as Ningbo Bank , Zhejiang Commercial Bank and Zhejiang Rural Commercial Bank to safely and comply with government data, social data and internal bank data, and jointly deepen the application of scenarios such as intelligent credit, intelligent marketing, intelligent risk control, and intelligent investment advisory.
Mr. Dai Ke, Vice President of Shenzhou Information, gave a speech on the theme of "Driminant Operation and Management Drives Digital Transformation of Banks". He said that there are three main issues in the digital transformation of banks. First, the digital transformation of banks has entered the midfield, and new challenges continue to emerge, running through various links and lines such as risk prevention, technology, data, business operations and management, strategic planning and organizational process construction. Although the digital operation of banks has breakthroughs in the "quantity", the "quality" needs to leap. In the future, bank business operations and management will develop in the direction of personalization, refinement and intelligence. The way to break the situation is systematized operation analysis and prediction based on data, mainly six major measures such as smart operation management, ultimate customer experience, digital financial services, digital risk control, and digital operations.
At this point, the agenda of the 2022 Yangtze River Delta Digital Finance Forum ended successfully!
Please pay attention to the follow-up activities of Zhejiang University Financial Technology Research Institute (AIF) and East China Normal University Yangtze River Delta Financial Technology Research Institute!
Attached guests at the forum (ranking is indistinguishable):
Ben Shenglin Dean of the Institute of Financial Technology of Zhejiang University, Dean of the International Joint Business School of Zhejiang University, President of Zhejiang Digital Fintech Federation
Zhang Jun Executive Vice President of the Yangtze River Delta Financial Technology Research Institute of East China Normal University
Liu Yi Secretary-General of Zhejiang Digital Fintech Federation, Assistant Dean of the Institute of Financial Technology of Zhejiang University, Associate Professor of Practice of Zhejiang University International Joint Business School
Yan Jiongzhi Secretary of the Party Committee and President of Huaxia Bank Hangzhou Branch
Jiang Ling General Manager of the Digital Finance Department of Huaxia Bank Hangzhou Branch
Zhou Hengchang Chief Information Officer of Shanghai Rural Commercial Bank
Li Yitao Chief Technology Officer of the Yangtze River Delta Financial Technology Research Institute of East China Normal University
Shao Hui Chief Financial Engineering Expert of the Institute of Finance Technology Research Institute of Zhejiang University, Assistant Professor and Researcher of Zhejiang University International Joint Business School
Bao Yunan Deloitte Consulting Financial Industry Manager
Li Lanqing 21st Century Business Herald 21st Century Asset Management Research Institute
Zheng Xiaolin Professor of the School of Computer Science and Technology of Zhejiang University , Founder of Jinzhita Technology
Dai Ke Vice President of Shenzhou Information
Liu Jiangbing Senior Director of Shanghai Bank Planning Department
Luo Xingguo Professor of the School of Economics of Zhejiang University , Deputy Director of the Department of Finance, Director of the Center for Financial Innovation and Risk Management of Zhejiang University
Tong Wei Assistant General Manager of Zhejiang Securities Information Technology Development Department
Wu Xinghua Ant Group Digital Technology Business Group Technology Ecological Market Operation Director
Zhu Wulin Hang Seng Electronics Assistant President
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