Cooperation Between Banks and Tech Companies Is the Future of Chinese Fintech: JD.Com’s Data Subsidiary
The head of the data sciences subsidiary of one of China’s biggest internet concerns says that the future of the Chinese fintech sector will consist of cooperation between established financial institutions and tech firms.
“If financial institutions want to develop technology and achieve openness, cooperation with established tech companies will be the most efficient and cost-beneficial model for joint victory,” said Chen Shengqiang (陈生强), CEO of the JD Data Sciences Group at the 6th World Internet Conference held in Wuzhen, Zhejiang province, on 21 October.
“This is the correct opening method for the second round of the fintech sector.”
According to Chen the “second round” of the fintech sector will see “financial institutions using fintech methods to accelerate the digitisation of unique, offline financial operations; achieve the integration of online and offline operations, raise efficiency, reduce risk and create even greater value returns.”
Chen highlighted JD Data Science’s cooperation with players in the asset management sector as “breaking the established model” of traditional operations via the use of fintech.
With Huaxia Fund, JD Data Sciences “established deep cooperation not just in terms of fund sales channels, but also in the overall base-layer big data technologies,” Chen said.
JD Data Sciences has also worked with First Seafront Fund (前海开源) to create the Haikai Yuanyuyuan FOF Fund (前海开源裕源FOF基金) which has achieved accumulated returns of over 33% via the use of JD’s big data technology.