Digital Technology helps inclusive Finance to expand its Boundary

| gov.cn

Xinhua News Agency, Beijing, November 13, by wire title: digital technology helps inclusive finance to expand its boundaries

Xinhua News Agency reporters Xu Sheng and Zhang Qianqian

This year's "Singles Day", Tmall, JD.com and other platform sales data hit a new high. Behind this, the power of digital finance is getting stronger and stronger. According to the industry, digital technology has penetrated into all aspects of finance, and the boundaries of inclusive finance are constantly expanding.

In order to stock more goods, 3 million businesses received 300 billion yuan in financial support from online merchants banks from August to early November, according to Alipay data. During the "Singles Day" period, more than 8 million goods opened interest-free, and the average sales of these goods increased by more than 90% year-on-year during this period.

This is the change that digital finance brings to "Singles Day". For many financial institutions, the key contribution of digital technology to inclusive finance is to reach more users.

"this year, we have done about 2000 core customers, more than 10, 000 small business customers, financing scale to achieve hundreds of billions of yuan. Technology can help banks solve many of the problems of getting customers and advancing their business. " Shen Renkang, chairman of Zhejiang Commercial Bank, said at the 10th Caixin Summit a few days ago.

Digital technology can help financial institutions reduce costs and risks, which is why it promotes inclusive finance. "the important role of big data is to reduce information asymmetry in order to assess risks more accurately and reduce risk premiums; artificial intelligence not only allows you to process data faster and more accurately, but also automatically expands the boundaries of technical capabilities." Qiu Ming, vice president of the Ant Financial Services Group Research Institute, said.

Because of the development of digital technology, the state-owned banks have also expanded the service boundary of inclusive finance. "because of a series of online data, as well as the analysis and mining application of big data, we have found a key to support the alleviation of financing difficulties and expensive financing problems for small and medium-sized enterprises." Liu Lianwei, chairman of the Bank of China, said at the annual meeting of the China Institute of International Finance a few days ago.

He said that the Bank of China uses the Internet, biometrics and other technologies to introduce customs, industry and commerce and other third-party data, greatly improve efficiency through modeling, and push the coverage of financial business to more small and medium-sized enterprises. Since the end of September this year, the Bank of China has raised more than 90 billion yuan in inclusive financial financing, up from less than 60 billion yuan for the whole of last year.

The policy level is also encouraging the development of financial technology, including digital finance. The people's Bank of China has previously issued a plan for the development of financial science and technology, proposing to establish and improve the "four pillars" for the development of financial science and technology in China by 2021, further enhance the scientific and technological application capacity of the financial industry, and realize the deep integration and coordinated development of finance and science and technology.

However, the application of digital technology to the financial field still needs the coordinated promotion of regulation. Qiu Ming believes that regulation will hinder the development of the industry before it comes to the industry, but if the regulation is too backward, it will not understand the development of the industry, and the coordinated development of the two is the key. In addition, in the protection of personal data privacy, regulation should also follow up.

Digital Technology helps inclusive Finance to expand its Boundary

| gov.cn

Xinhua News Agency, Beijing, November 13, by wire title: digital technology helps inclusive finance to expand its boundaries

Xinhua News Agency reporters Xu Sheng and Zhang Qianqian

This year's "Singles Day", Tmall, JD.com and other platform sales data hit a new high. Behind this, the power of digital finance is getting stronger and stronger. According to the industry, digital technology has penetrated into all aspects of finance, and the boundaries of inclusive finance are constantly expanding.

In order to stock more goods, 3 million businesses received 300 billion yuan in financial support from online merchants banks from August to early November, according to Alipay data. During the "Singles Day" period, more than 8 million goods opened interest-free, and the average sales of these goods increased by more than 90% year-on-year during this period.

This is the change that digital finance brings to "Singles Day". For many financial institutions, the key contribution of digital technology to inclusive finance is to reach more users.

"this year, we have done about 2000 core customers, more than 10, 000 small business customers, financing scale to achieve hundreds of billions of yuan. Technology can help banks solve many of the problems of getting customers and advancing their business. " Shen Renkang, chairman of Zhejiang Commercial Bank, said at the 10th Caixin Summit a few days ago.

Digital technology can help financial institutions reduce costs and risks, which is why it promotes inclusive finance. "the important role of big data is to reduce information asymmetry in order to assess risks more accurately and reduce risk premiums; artificial intelligence not only allows you to process data faster and more accurately, but also automatically expands the boundaries of technical capabilities." Qiu Ming, vice president of the Ant Financial Services Group Research Institute, said.

Because of the development of digital technology, the state-owned banks have also expanded the service boundary of inclusive finance. "because of a series of online data, as well as the analysis and mining application of big data, we have found a key to support the alleviation of financing difficulties and expensive financing problems for small and medium-sized enterprises." Liu Lianwei, chairman of the Bank of China, said at the annual meeting of the China Institute of International Finance a few days ago.

He said that the Bank of China uses the Internet, biometrics and other technologies to introduce customs, industry and commerce and other third-party data, greatly improve efficiency through modeling, and push the coverage of financial business to more small and medium-sized enterprises. Since the end of September this year, the Bank of China has raised more than 90 billion yuan in inclusive financial financing, up from less than 60 billion yuan for the whole of last year.

The policy level is also encouraging the development of financial technology, including digital finance. The people's Bank of China has previously issued a plan for the development of financial science and technology, proposing to establish and improve the "four pillars" for the development of financial science and technology in China by 2021, further enhance the scientific and technological application capacity of the financial industry, and realize the deep integration and coordinated development of finance and science and technology.

However, the application of digital technology to the financial field still needs the coordinated promotion of regulation. Qiu Ming believes that regulation will hinder the development of the industry before it comes to the industry, but if the regulation is too backward, it will not understand the development of the industry, and the coordinated development of the two is the key. In addition, in the protection of personal data privacy, regulation should also follow up.




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