A senior executive from China and the world’s largest bank in terms of assets has highlighted the pivotal role that fintech will play in its future development.
“Tech innovations are indispensable to the sustainable, high-quality development of finance,” said ICBC vice-president Zhang Wenwu (张文武) during a speech delivered on 3 November at the 21st Century Asia Finance Annual Forum (21世纪亚洲金融年会) held in Beijing.
“In recent years, fintech has already become a major driver of financial innovation, from the back end to the front end. The banking sector naturally possesses the genes for digitisation, and is currently employing the advantages of fintech to actively break through difficulties.”
Zhang said that ICBC would continue to “uphold tech leadership and value creation, and deeply drive the use of fintech innovation to drive sustainable financial development, and high-quality servicing of new development conditions.”