In the context of the digital age, fintech is becoming an innovation engine for the financial development of the Guangdong-Hong Kong-Macao Greater Bay Area. Recently, Ping An Group Co-CEO Chen Xinying was invited to attend the 2021 Hong Kong FinTech Week, and shared the important role of Fintech innovation in helping the development of financing in the Guangdong-Hong Kong-Macao Greater Bay Area, taking the practice of OneConnect as an example.
Chen Xinying said that the Guangdong-Hong Kong-Macao Greater Bay Area includes three different jurisdictions. "Integration" is the key to building a regional innovation community, and scientific and technological innovation is an important support for promoting the high-quality development of the regional economy. Relying on the strategic practice of "finance + technology", Ping An Group has helped the continuous optimization of the financing environment for enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area, guided fintech talents to gather in the region by breaking down the barriers to doing business of small and medium-sized enterprises, and accumulated stronger impetus for the economic development of the Guangdong-Hong Kong-Macao Greater Bay Area.
Chan pointed out that as the development of the Guangdong-Hong Kong-Macao Greater Bay Area involves three different jurisdictions and the management procedures of government agencies are also different, this undoubtedly poses a challenge to trade exchanges between the three places. In addition to integrating the differences in jurisdiction between the three places, breaking down the barriers of information exchange between the three places has also become a key factor in the high-quality economic development of the Guangdong-Hong Kong-Macao Greater Bay Area.
"Financial institutions should build momentum and use the power of fintech to give full play to the leading role of Hong Kong's international financial centre in regional development." Chen Xinying put forward three suggestions for promoting the development of "integration" in the Guangdong-Hong Kong-Macao Greater Bay Area, and shared the practical experience of OneConnect, an associate of Ping An Group, in helping the economic development of the Guangdong-Hong Kong-Macao Greater Bay Area.
The first is to give full play to technical advantages, build a technical platform that can be interacted with, and help the standards in different jurisdictions to be interoperable. Chen Xinying said that as an important international hub, Hong Kong, China, can build a technology platform, integrate information between different government departments, and carry out financial innovation product testing through regulatory sandboxes, so as to achieve flexible government supervision and effectively prevent and resolve financial risks.
According to Chen Xinying, the Guangdong SME Financing Platform, which is supported by OneConnect, uses the unique immutable and cryptographic cross-verification features of blockchain technology to break the problem of information asymmetry between SMEs and commercial banks. At present, the Guangdong "Small and Medium-sized Finance" platform has successfully accessed 252 government affairs data from 34 government units, more than 480 financial institutions have released more than 1,300 financial products on the platform, and served more than 1 million small and medium-sized enterprises, with a cumulative financing amount of more than 68 billion yuan.
In addition, OneConnect has also built the industry's first intelligent open platform focusing on financial verticals and connecting financial institutions and technology service providers , Gamma O. The platform acts as a "connector", connecting traditional banks in urgent need of technology empowerment on the one hand, and connecting technology service providers, including developers, to build a huge developer ecosystem.
The second is to alleviate the financing difficulties of small and medium-sized enterprises, give full play to the inclusiveness of finance, and show soft and hard power in promoting the development of small and medium-sized enterprises. Chen Xinying believes that financial services play an important role in the integrated development of the three places, and Hong Kong, as an international financial center, has a significant financial radiation and driving role in the Guangdong-Hong Kong-Macao Greater Bay Area. However, many small and medium-sized enterprises do not yet have the ability to operate across regions, and financial services provide them with convenient business channels.
As a wholly-owned subsidiary of OneConnect and a member company of Ping An of China, Ping An OneConnect Bank has successfully built a bridge between SMEs and banks. As the first virtual bank in Hong Kong to use "alternative data to build a credit risk model" for risk assessment, relying on the leading edge of technology, Ping An OneConnect Bank can understand the business and financial health status of SMEs in real time, thereby improving the efficiency, efficiency and accuracy of loans, breaking the inherent model of the traditional bank approval chain, greatly simplifying the loan process for SMEs, and shortening the financing cycle to within one week, providing convenience and support for the financing development of local SMEs in Hong Kong.
The third is to give full play to the advantages of talent gathering and intelligence intensity, strengthen the breadth and depth of contacts with the government and enterprises, and transform talent advantages into high-quality development momentum. Chen Xinying believes that talent advantage is one of the core elements of the future development of the Guangdong-Hong Kong-Macao Greater Bay Area, especially the demand for high-level talents in finance and technology is huge. The Guangdong-Hong Kong-Macao Greater Bay Area needs to provide a broader space for talent growth, promote the flow of talents in the region, provide employment and development opportunities for more young people, and thus enhance the comprehensive competitive strength of the Guangdong-Hong Kong-Macao Greater Bay Area. At present, Ping An Group has cooperated with a number of financial technology companies around the world to access a number of financial service platforms through technology incubation, providing internship opportunities in financial technology companies for talents in the Guangdong-Hong Kong-Macao Greater Bay Area to meet the employment needs of talents.
[Reporter] Tan Bingmei
【Author】 Tan Bingmei
【Source】 Southern Press Media Group South + client
Source: South+ - Create more value
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