The following is the A new chapter in China’s financial technology From crossroads recommended by recordtrend.com. And this article belongs to the classification: research report, financial technology.
The latest white paper crossroads: a new chapter in China’s financial technology was released by the world economic forum yesterday. The report introduces the preliminary results of the seminar held in Shanghai, the round table discussion of China Business Forum and expert interviews. The report explores the evolution of China’s financial service system and looks forward to future innovations that will benefit not only domestic users and enterprises, but also the global community.
As China’s financial technology industry enters the critical third stage of development, we see the complex interaction of cooperation and competition among technology companies, traditional financial institutions and regulators. The strategies and positions adopted by the three participants will continue to shape the role of fintech in China’s financial system, set the pace of industry development, and determine the final composition of the broader financial environment.
Innovation is no longer coordinated by regulators, just implemented by financial institutions (top-down), as in the first phase, nor driven by technology companies (bottom-up), as in the second phase. The current innovation trends reflect the complex cooperation and competition among traditional service providers, big technology companies entering the field of financial services, independent financial technology companies and regulators. As these participants continue to find their positions and roles in the emerging business environment, the future composition and characteristics of China’s financial industry remain to be determined.
The way China’s financial regulators choose will play a decisive role in determining the future direction. Compared with most other jurisdictions, fintech develops faster in China and has a deeper impact on the interaction between individuals and service providers. The success of the industry has enabled hundreds of millions of individuals not previously served by traditional institutions to access financial products. It also greatly improves the user experience and operational efficiency, and reduces transaction costs. The reason why the industry can bring these benefits is that Chinese regulators adopted a “wait-and-see” attitude in the early stage of its development, allowing innovations outside the scope of traditional regulation to blossom and bear fruit, and then adjusted the rulebook over time in the process of “regulatory catch-up”.
With the development of financial innovation, the companies that promote financial innovation have grown into large-scale companies, and the relationship between innovators and regulators has begun to change. After realizing that the scale of many technology companies and fintech companies means that if their innovation efforts and business practices are too radical, they may threaten financial stability and social peace, regulators began to be more proactive in supervising the activities of technology companies. But regulators and policymakers also understand that overly restrictive regulation can stifle future innovation and economic growth.
What we need is a thoughtful innovation and regulatory approach that enables fintech companies to offer many benefits while controlling (and preferably eliminating) potential risks. Regulators face a delicate balance in the industry and need to consider issues related to data use and protection, potential monopolies, and alignment with global approaches and standards.
Only when all stakeholders (including small and independent financial technology companies) cooperate can China’s financial technology industry and national financial system continue to prosper, bring benefits to the whole society, and lead the world in financial innovation and inclusion efforts.
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