What sparks can 5G and finance create? How to ensure user privacy and security in financial business? These questions can be answered at the China International Finance Exhibition, which opens on April 25. 5G financial cloud, hyper-converged data center, green computing power, privacy computing, financial distributed database, these cutting-edge technologies were also rated as the most breakthrough "financial technology innovation achievements" in the past two years at the exhibition.
As for whether such technologies will be promoted on a larger scale, at the 21st China Financial Development Forum held on the same day, Li Xingfeng, deputy director of the Department of Science and Technology of the People's Bank of China, clearly proposed to accelerate the formation of a number of replicable and generalizable financial digital transformation benchmark applications, model institutions and demonstration areas, activate digital transformation and business momentum with points, and continuously increase the supply of digital financial products.
Five breakthrough innovations were released
On April 25, a reporter from Beijing Business Daily came to the booth area of the financial exhibition, and the company's products had their own characteristics, attracting a large number of financial practitioners to stop and understand. A visitor told reporters that "the scale of this financial exhibition was unexpected." The exhibition of many advanced technologies and enterprise innovation achievements brought many surprises to the audience and feasted the eyes of financial technology enthusiasts.
It is reported that this year's China International Finance Exhibition has set up three exhibition zones: the People's Bank of China System Exhibition Area, the Financial Services Social and People's Livelihood Exhibition Area, and the Technology Empowerment Financial Digital Transformation Exhibition Area. More than 100 domestic financial institutions and domestic and foreign technology enterprises set up booths to comprehensively display financial technology innovation achievements, software and hardware solutions and financial machinery and equipment.
The exhibition focused on scientific and technological innovation, and the most breakthrough "financial technology innovation achievements" in the past two years were also selected from the whole industry. Among them, the five major technical achievements of 5G financial cloud, hyper-converged data center, green computing power, privacy computing, and financial distributed database developed by Bank of Communications, Huawei, New H3C, Ant Group and other institutions were selected, representing the most core technical research in the financial field in recent years.
Taking privacy computing as an example, under the background of the digital upgrading of the whole industry and the acceleration of the marketization of data elements, the secure and trusted circulation of data elements has become a top priority. Privacy computing technology can ensure the balance between data value flow and data privacy security, and realize data "usable and invisible, unreadable, controllable and measurable", and has been maturely applied to financial business scenarios such as inclusive finance, joint risk control, and anti-fraud.
"The financial industry has a naturally strong security attribute, and when carrying out digital upgrades and data element circulation, it needs a safe and effective collaboration and circulation mechanism. The value of privacy computing in breaking financial 'data silos' has been verified and will become the basic technical infrastructure of the industry in the future, but it still needs to greatly reduce access costs, improve performance, and realize interconnection between different products. Ant will also continue to strengthen technical breakthroughs and work with the industry to build a healthy and dynamic data element market ecology. Yu Quan, vice president of Ant Group, introduced to the Beijing Business Daily reporter.
In addition to privacy computing, Bank of Communications' "5G Financial Cloud Private Network", Huawei's "CloudEngine 16800-X Data Center Switch", and New H3C's "H3C S12500G-EF" have also become the focus of attention at the exhibition with advanced technologies.
According to Yu Baicheng, chief researcher of Houxue Research, the technologies involved in the five major financial technology achievements are the more popular and cutting-edge technologies in the application of financial technology in recent years, and the maturity of these technologies and their application verification in the financial field play a very important role in the subsequent promotion of such technologies on a larger scale, which will also promote the deepening of financial digitalization.
Accelerate the formation of replicable and scalable benchmarking applications
In terms of top-level design, regulators put forward more systematic planning for the digital transformation of finance.
At the 21st China Financial Development Forum held in the afternoon of the same day, Li Xingfeng proposed that we should take the implementation of the plan as the starting point, improve the project as an opportunity, accelerate the formation of a number of replicable and generalizable financial digital transformation benchmark applications, model institutions and demonstration areas, activate digital transformation and business momentum with points and surfaces, continuously increase the supply of digital financial products, enrich the level of the financial market, and strive to enhance the digital core competitiveness and comprehensive strength of the mainland financial industry.
Yu Baicheng pointed out that a number of replicable and scalable benchmark applications, model institutions and demonstration areas for financial digital transformation will be of great benefit to promoting the process of financial digitalization, especially the digitalization of small and medium-sized financial institutions.
Taking Beijing as an example, a number of regulatory sandboxes have been launched to attract financial institutions, banks and technology companies to apply, and the practice of applying technical means to implement policies has already made some breakthroughs. According to Jin Tian, senior researcher of the Digital Economy Research Institute of Zhongnan University of Economics and Law, in the process of financial digital transformation, it is necessary to start from the breakthrough point of the sandbox and explore and promote it on a larger scale. From the top-level design, the subsequent application transformation effect is more worthy of attention.
Transformation is still on the way
At present, the digital transformation of finance is benefiting more users and institutions. However, in Jintian's view, there are still many shortcomings in the current digital transformation of finance. The first is that the value contribution of data assets is still to be stimulated. Data quality needs to be improved, and the collection, storage, mining, and application of data from different sources are scattered in different institutions, or even different departments, lines, and business segments of the same organization, with different calibers and multiple management, making it difficult to form synergy in the process of data-driven business growth.
Secondly, there are obstacles to the implementation of digital transformation strategies, "do not want to turn", "dare not turn", "will not turn", only want to obtain increments, do not want to change the stock, digital transformation lacks subjective initiative. At the same time, financial services have not yet formed sufficient network synergy, which is also one of the problems currently faced, and the cross-institutional customer service system has not really been opened.
From institutions to industries to the whole market, there is still room for further deepening of financial digital transformation. "The digital development of the financial industry can neither promote seedlings nor waste food because of choking." Jintian pointed out that in the concept and principle of digital development, we should adhere to "customer-centric" and effectively improve the service capabilities of finance to the real economy and residents' lives; In the specific way and path selection of digital development, it is advisable to reasonably use external forces and brains such as technology companies to activate the internal ecology of financial institutions and achieve great progress in the digital development capabilities of financial institutions.
Jintian also stressed that from the current point of view, the digital transformation of finance needs to be further in line with the national strategic orientation, and at the same time, it must adhere to the equal emphasis on security and development, especially to build a strong financial technology firewall to prevent and resolve financial risks. In this regard, there will be huge scope for financial institutions and technology companies to strengthen cooperation in innovation and technology research and development and the transformation of achievements.
Beijing Business Daily reporter Yue Pinyu Intern reporter Dong Hanxuan Text/Photo