China Everbright Bank says that the fintech products of the future will provide returns to customers based on their personal data.
“Perhaps one day in the future, our bank will have various types of cards that make use of the data assets recorded by clients,” said Yang Bingbing (杨兵兵), vice-president of China Everbright Bank, at the 2022 Global Digital Economy Conference (2022全球数字经济大会).
“The data stowed at banks could also generate interest – this is an important scenario in future for the market for data as a factor of production.”
The remarks from Yang arrive amidst a push from Chinese regulators for the greater development of the market for “data as a factor of production”.
On 25 November 2021 the Shanghai Data Exchange was officially opened in Shanghai’s Pudong New District, while the month previously Guangdong province issued the first public data asset certificate for the purpose of securing business loans.