The chairman of China Construction Bank says fintech is playing a key role in improving the ability of Chinese banks to provide financially inclusive services to a broader swathe of clients.
Speaking at the “Fintech and the Future of Micro-loans” (金融科技与小微贷款的未来) conference held by Tsinghua University, Tian Guoli (田国立) said China was currently at the historic juncture of a new technological and industrial revolution, with cloud computing, big data and artificial intelligence reshaping the very foundations of credit upon which financial operations depend.
Tian hailed the potential for fintech to improve financial inclusion and the ability of banks to play a greater role in society.
“Banks aren’t just providers of social service – they also participate in a greater number of social roles by means of broad linkages, integration as well as resource allocation.”
Data from the Chinese central bank indicates that financially inclusive small and micro-loans increased by 1.2 trillion yuan in the first half, 647.8 billion yuan greater than the figure for the same period last year.
The financially inclusive small and micro-loan balance at the end of June saw a YoY increase of 22.5%, 7.3 percentage points ahead of the growth rate for the end of last year.