A senior official from the China Banking and Insurance Regulatory Commission (CBIRC) has hailed the application potential of emerging forms of fintech such as the Internet of Things, big data, cloud computing, artificial intelligence and the blockchain.
Speaking at the 2018 China Finance Forum Annual Conference on 28 December (中国金融论坛年会) Wang Zhaoxing (王兆星), vice-chair of CBIRC, said that the financial sector must use reform and opening to inject fresh impetus into its own continued development.
“At present, a new technological revolution is currently reforging industry reform and unleashing immense potential, and has already expedited the emergence of a large volume of new industries, new businesses and new models,” said Wang according to a report from Cebnet.com.cn.
“Digitisation of the global economy has already become the general trend, and the Internet of Things, big data, cloud computing, artificial intelligence, the blockchain and other new technologies are obtaining widespread application in the realm of finance.
“The rapid growth of fintech has expanded the coverage of financial services, continually enriched its forms and raised efficiency levels even higher, all of which is having a profound and far-reaching impact upon the financial ecosystem.
“China occupies several advantages in this technological revolution, and the financial sector should also ride the eastern wind of global technological change.
“[It should] raise the ability of finance to service the economy by means of a series of reforms and openings, and provide completely new and more forceful impetus to high-quality economic and financial growth.”