News

preamble: On July 8 through 9, 2017, the 7^th SFI Annual Conference & The 4^th Bund Summit on FinTech was held in Shanghai. Liu Guangchao, Director of Beijing DOCVIT Law Firm and secretary general of Green Legal Global Alliance, attended the summit as a specially invited guest, and participated in discussion and communication. This Summit was hosted by Shanghai Finance Institute (SFI) with the theme of Technology-Driven Global Financial Transformation; National Internet Finance Association of China (NIFA), China Finance 40 Forum (CF40) and Institute of Digital Finance, Peking University (IDF) provided academic support.

The Summit gathered Li Dongrong, CF40 Executive Director and Chairman of NIFA, Jiang Jianqing, SFI Chairman and Board Chairman of China-Central and Eastern Europe Investment Cooperation Fund, Xie Ping, CF40 Vice Chairman of Executive Board of Directors and CF40 Senior Research Fellow, Huang Yiping, Chairman of SFI Academic Committee and Director of IDF, Xu Zhong, CF40 member and Director-General of PBOC Research Bureau, Zhong Wei, SFI Academic Member and Vice President of SFI, Wan Jianhua, Chairman of SFI Board of Supervisors and Chairman of Association of Shanghai Internet Financial Industry, Sun Guofeng, CF40 member and Director-General of PBOC School of Finance and other regulatory leaders, business community executives and academic experts, which conducted the high-end dialogue around a series of hot issues like Fintech, Regtech, inclusive financial system, robo-advisor, digital currency and block chain.

The Submit included multiple forms like keynote speech, round-table discussion and closed-door seminar. The participants exchanged their views on the FinTech supported new practice of inclusive financial system, the route of integrating commercial banks and FinTech, international Regtech experience and multinational cooperation, P2P industry transition in the post-regulation era, the prospect and challenges of AI in the financial field, innovation and influence of digital currency and block chain. They identified the essence of financial development, foresaw the future of digital finance development and discussed the status quo and development trend of Fintech both at home and abroad.

Huang Yiping, Chairman of CF40 & SFI Academic Committee and Director of IDF said that, “now, most of digital financial institutions conduct mixed operation, and generally set foot in insurance, fund, securities, bank and other comprehensive business; FinTech companies that have obtained the “full license” even appeared; so, the conventional separate regulation under the People’s Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory cannot adapt to such situation. But, the financial regulation system reform cannot be accomplished at one stroke; thus, before changing the separate regulation framework, it may consider the first establishment of a digital finance regulator across the People’s Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory.”

Li Dongrong, CF40 Executive Director and Chairman of NIFA, commented on the current hot topic of FinTech regulation. He said that, “it should well control appropriate balance between FinTech innovation and risk regulation, implement the innovative regulation, positively explore the applicability and feasibility of new regulatory means like Regtech and regulatory sandbox in China, let FinTech innovation be operable, feasible and properly applied, and let the regulators be seen, read and well control the FinTech innovation.”

Jiang Jianqing, SFI Chairman and Board Chairman of China-Central and Eastern Europe Investment Cooperation Fund, delivered a keynote speech with the theme of “Rectifying the Name of FinTech”. He said that, “FinTech represented by cloud computing, mobile Internet, block chain and AI is booming, and financial innovation is thriving. It has entered a new stage deeply integrating finance and technology, posing challenges to conventional financial operation modes, even the intermediary function. In the meantime, financial institutions have tremendous changes, and have fulfilled the industrialized and intensive operation by means of FinTech, which improves the efficiency and reduces the cost. The new financial market pattern is in a stage of big change, integration and evolvement.”

Sun Guofeng, CF40 member and Director-General of PBOC School of Finance, delivered a keynote speech with the theme of “China’s RegTech Development Path”. He said that, “in a broad sense, RegTech may be defined as “organic combination of technology and regulation”, i.e. applying technology in regulation. RegTech covers three subjects: the first is the regulators, responsible for formulating the regulatory rules; the second is financial institutions, including FinTech companies, the behaviors of which need to meet the regulatory compliant requirement; the third is RegTech companies, which may be financial institutions; and FinTech companies should provide services meeting the regulatory compliant requirement. To be specific, such emerging technologies as big data, cloud computing, AI and machine learning can be applied.”