Huo Xuewen, secretary of the party group and director of the Beijing Municipal Local Financial Supervision Administration and a member of the Strategic Advisory Committee of Tsinghua University Wudaokou School of Finance, said at the 2021 Tsinghua Wudaokou Global Finance Forum on May 23 that the pilot of the “Chinese version of regulatory sandbox” has been steadily progressing, and that fintech is widely used in financial infrastructure, digital currency, wealth management, new payment, supply chain finance, inclusive finance, green finance and financial supervision, which has basically formed the conditions for future high-quality financial development.
He said that regulatory technology reshapes the new pattern of financial security. In the era of financial technology, financial services channel networking, digitalization of forms, diversification of scenarios, financial business products more virtual, more blurred boundaries, the traditional financial risk transmission of space and time constraints are broken, bringing new challenges to financial supervision.
“In the field of local financial supervision is also facing a more complex situation, Internet finance, illegal financial activities, ‘7 + 4’ type of local financial organizations, prepaid and other areas of risk disposal is a major responsibility and a difficult task. The ‘Smoke Index’ designed and developed by us continues to play the role of a ‘clairvoyant’ for risk monitoring; for prepaid funds supervision platform has been put on line for testing, using technologies such as blockchain depository and timestamp to provide constant supervision for users, platforms, banks and banks involved in prepaid funds depository. The platform has been tested online for the supervision of prepaid funds. Huo Xuewen said.
Huo Xuewen said that credit technology breeds new soil for financial inclusion. Government departments, commercial banks and market enterprises use digital technology to “converge numbers on the chain” and build an intelligent management service platform to crack the difficulties of financing, expensive financing and slow financing for small and medium-sized enterprises in the private sector in science and innovation, which greatly improves the availability of credit financing in the business environment.
“We promote the Beijing micro and small enterprises financial comprehensive service platform, convergence of government, market, judicial and other data, relying on the first independent and controllable blockchain software and hardware technology system ‘Changan Chain’, the construction of ‘eKYC’ Enterprise financial electronic identity information authentication system, also known as ‘enterprise financial ID card’, to build a diversified, multi-level, all-round, full-cycle financial service ecology covering loans, investment, insurance, guarantee, credit, disposal of non-performing assets, etc., has brought together 344 financial institutions such as banks, investment institutions, guarantee companies, insurance companies and 38,000 enterprises, docking debt financing of 127 billion yuan, equity financing of 8.4 billion yuan, completed credit 39.2 billion yuan, lending 25.9 billion yuan.” Huo Xuewen said.
Huo Xuewen said, fintech originated from technology, returned to finance, the essence is financial. In the process of fintech development, some new problems and challenges have emerged. He believes that it is necessary to stick to the original intention, make good use of it and be open and win-win. “Fintech used well, will become a ‘tool’ to help the financial industry’s high-quality development, used poorly may also become a financial risk and even social risk ‘killers’, so we must firmly establish the concept of safe development , improve the technical standards of financial technology, business rules, security lines of defense, to enhance the ability of the financial system to withstand risks.”
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