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2018 Beijing Global Fintech Summit Focuses on Innovation and Regulation

On Nov. 16-17th, the 2018 Beijing Global Fintech Summit on Fintech Innovation and Regulation took place in Beijing. The Summit was co-organized by China Finance 40 Forum and CFCity, with academic support from the Institute of Digital Finance, Peking University and Shanghai Finance Institute.
 
Revolving around how to strike a balance between Fintech innovation and regulation, the Summit gathered government officials, experts and market participants from home and abroad to exchange views and practices. The two-day Summit consisted of a closed-door seminar and a general assembly, which comprises keynote speeches and two panels. Live broadcasting was available on Nov 17th.


             

At the beginning of the general assembly, Mr. Cai E’sheng, former Vice Chairman of China Banking Regulatory Commission gave an opening remark. He pointed out in his speech that Fintech development would help promote financial inclusion and provide new means to solve the problem of imbalanced and inadequate financial development.

The first keynote speech was given by Mr. Li Dongrong, President of the National Internet Finance Association of China. He argued that we should make the most of Fintech to facilitate the upgrade of global finance, promote financial inclusion and help maintain sustainable economic growth while curbing regulatory arbitrage and carefully preventing risk .

Then Prof. Huang Yiping, Director of the Institute of Digital Institute of Peking University gave a speech focusing on global dilemma of private enterprises financing. According to Huang, support can be provided from the regulatory perspective in three aspects: issuing licenses, developing credit assessment system, and developing support for remote account opening. He believed policies can only serve as short-term solutions, while long-term solutions shall rely on market-based approaches. Efficient, low-cost fintech sector can play an important role to help ease financing woes of private enterprises.

  
Cai E'sheng                             Li Dongrong                      Huang Yiping 

The next speaker was Ms. Zhu Jun, Director-General of the International Department of the PBOC. She listed the major challenges brought by the development of big tech companies, namely, regulatory arbitrage, unfair competition, worsening income gap and weakening the effects of macroeconomic policies.

The next speaker was Mr. Xu Zhong, Director-General of the Research Bureau of the PBOC. While applauding the efforts of Fintech in improving financial efficiency, he also called on people’s attention to the fact that the unfair advantages enjoyed by big tech companies in sectors like payment and asset management may pose challenges to financial stability.

Mr. He Dong, Deputy Director of the Monetary and Capital Markets Department of the International Monetary Fund talked about potential impact of digital currency on banking. He elaborated on this issue by answering three questions: How should money adapt to the digital age? Would CBDC (Central Bank Digital Currency) compromise financial integrity? Would CBDC lead to financial dis-intermediation and threaten financial stability?

        
  
Zhu Jun                                  Xu Zhong                               He Dong 

Prof. Marlene Amstad, Vice Chair of the Board of Directors, the Swiss Financial Market Supervisory Authority introduced Fintech development and Regtech in Switzerland. She offered a general view of the Swiss sandbox practice which China could learn from.

Mr. Marius Jurgilas, Member of the Board of the Bank of Lithuania talked about Fintech development and regulatory practices in Lithuania, as well as potential cooperation opportunities between China and Europe in the Fintech sector.

The last speaker was Mr. Xiang Jiangxu, CTO of CreditEase. He talked about the great potential of integrating AI with the financial sector from both strategic and practical perspectives.
             
           
  
Marlene Amstad                        Marius Jurgilas                        Xiang Jiangxu


The first panel in the afternoon was “Fintech Promotes Sustainable Development of Inclusive Finance”. The panel saw panelists from the World Bank, Beijing Financial Holdings Group, MYBank, Du Xiaoman Financial and Youxin Financial. Mr. Feyen, Head Global Macro-Financial Monitoring, World Bank, stated Fintech can promote the development of inclusive finance, reduce transaction costs, increase transaction speed and lower the threshold of finance. However, Fintech has also brought about regulatory risks, such as in consumer protection, counter-terrorism financing, anti-money laundering and regulatory arbitrage. Other market participants shared their practices of using technology to promote inclusive finance. Dr. Zhang Chenghui, former Director of Finance Institute, Development Research Center of the State Council moderated the panel.

 
Panel 1

The second panel was on “Regtech and Financial Risk Management”. Panelists were from regulatory bodies such as the People’s Bank of China, Financial Conduct Authority of the UK, State Administration of Foreign Exchange, Bank of England and Hong Kong Exchanges and Clearing. Panelists from the UK shared their practice of using technology in regulation and the UK sandbox. Chinese panelists mostly talked about challenging issues confronting Fintech regulation. Ms. Li Wenhong, Director-General of Banking Innovation Supervision Department, CBIRC, moderated the panel.

 
Panel 2

Mr. Wang Haiming, Secretary-General of CF40 moderated the Summit.

As part of the Summit, CF40 also held a closed-door seminar jointly with the Institute of Digital Finance at Peking University (IDF) on the theme of “Fintech Development and Regulation in China, UK and Other Countries” in the afternoon of November 16 in Beijing. Policy makers and practitioners from leading Fintech firms and financial institutions worldwide exchanged views on the topical issues.
 
 
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