's recent financial technology topics have attracted much attention due to the turmoil in Ant Financial's listing. At the CIIE currently being held, big names in the financial and technological circles gathered to discuss and look forward to the construction of inclusive finance and digital development. Recently, the Financial Technology Research Center of the National Finance and Development Laboratory and the Financial Technology 50 Forum jointly launched the "China Financial Technology Operation Report (2020)" (referred to as the "Report"), focusing on the financial technology industry.
This year's epidemic has accelerated the pace of digital development in the financial industry. According to the "Report", focusing on the digital exploration of the financial industry in the process of fighting the epidemic, we can see that there are both reforms that conform to the long-term trend, as well as immature attempts during the transition period, and there are areas that need to be treated rationally and avoided. For example, the fight against the epidemic has allowed the full development of financial innovations such as digital credit for zero-touch financial services, supply chains, trade chains, and industrial chains for the development of small and medium-sized enterprises. At the same time, it has also strengthened the integrated development of big data and credit information, and improved financial Efficiency etc. But financial technology is a double-edged sword. Fintech has broken the boundaries of financial business, but the supervision is relatively lagging, such as related transactions, platform monopoly, data property rights, personal privacy and financial consumer interest protection issues need to be further clarified and strengthened. It can be said that the faster the development of financial technology innovation, the greater the cumulative benefits of financial risks.
In response to the rapid development of digitalization in the financial industry and many problems and risks, the China Banking and Insurance Regulatory Commission and the People’s Bank of China have recently issued the "Interim Measures for the Administration of Online Small Loans (Draft for Solicitation of Comments)" ("Draft for Solicitation of Comments"). The geographical scope of the loan business is mainly operated in the province, and very few can only be operated across provinces after approval, and the approval authority is assigned to the China Banking and Insurance Regulatory Commission; second, in principle, the personal borrowing of the online small loan business does not exceed 300,000 yuan and the last 3 years In principle, one-third of the average income, institutional borrowing does not exceed 1 million yuan; third, restrictions on joint loans for online microfinance business, the proportion of small loan companies’ capital contribution is not less than 30%, and small loan companies are restricted through joint loans Loans are expanding too quickly; fourth, raise the threshold of online microfinance capital. The registered capital of microfinance companies operating online microfinance business is not less than 1 billion yuan, and it is a one-time paid-in monetary capital. The
"draft for comments" fully embodies the supervision of the prevention of online financial risks, especially the suspension of the high leverage of online finance. At the same time, it also fully reflects the protection of the interests of financial consumers.
In recent years, with the rapid development of financial technology and the popularization of the concept of inclusive finance, financial technology innovation has been sought after by investors. Everyone is depicting the bright future of financial technology, and finance generally benefits individuals, families or businesses. Indeed, the development of technology will inevitably bring about changes in the industry, and the financial industry is no exception. It is undeniable that the development of financial technology should bring convenience and practical benefits to our economic life, rather than hidden dangers or general damage. Therefore, while financial technology is innovating and developing and improving financial efficiency, it should also gradually avoid the transfer of financial risks and financial risks. The development of science and technology, applied to the financial industry, is aimed at reducing costs, as well as the inclusiveness of credit and real interest rate inclusiveness. Otherwise, the development of science and technology will have no practical significance for the financial industry.
According to the "Report", my country's financial technology industry continued a good growth momentum in 2019. The revenue of the financial technology industry reached 1.44 trillion yuan, an increase of 48.1% over 2018; the number of financial technology financing reached 285, accounting for 24.4 of the world's total %; Fintech financing amounted to 65.6 billion yuan, accounting for 25% of the world’s total; among them, the financial technology field supported by artificial intelligence, big data, blockchain, etc., has attracted more attention, and the payment business has attracted financial institutions Favor. With the development of financial technology, financial technology innovation will inevitably change the traditional financial business form, and will inevitably bring challenges to supervision. This urgently calls for faster supervision and strengthening of strategic construction.
Recently, Mo Xiugen, executive director and research director of the Institute of Inclusive Finance of Renmin University of China, when talking about inclusive finance, proposed that financial services should enable consumers to achieve the goal of "healthy finance"; "healthy" refers to consumers Family income and expenditure balance, etc., to properly invest in the future, financial resilience, and a good financial behavior, this is a kind of healthy finance; only by achieving "healthy finance" can it help them improve their lives and consumption levels .
Indeed, any huge profits will inevitably have payers. Protecting financial consumers to achieve the goal of "healthy finance" should become the foundation of inclusive finance. Similarly, strengthen the innovation of financial technologyThe essence of the supervision is to achieve a "healthy finance" goal. Financial technology innovation and rapid development also require rational thinking.
According to China Business Times
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