China Net Finance and Economics, December 7 (Reporter Yang Chang) Recently, the "Fifth New Financial Forum" sponsored by Lookout Weekly, Lookout Think Tank and Finance National Weekly was held in Beijing. Li Dongrong, president of the China Internet Finance Association, attended the forum and delivered a speech. He said: "The development of financial technology should continue to adhere to the concept of integrity and innovation, take the integrity as the steering wheel of innovation, and achieve the 'four positives'."
The "four positives" include: righteousness, that is, the development of financial technology should adhere to a good original motivation and correct value orientation, and implement the basic concept of finance for the people and science and technology for good in all fields and links of financial technology innovation work; the right position, that is, the development of financial technology should focus on the main responsibility, build on the strengths and avoid the shortcomings, seek advantages and avoid harms, find and adhere to the appropriate and correct position in the multi-level financial service system and the financial technology industry ecosystem; just say, that is, the development of financial technology should implement the people-centered development thinking, Practice the concept of responsible finance, effectively regulate financial marketing publicity behavior, and fully protect the basic rights of financial consumers such as the right to know and the right to make independent choices; that is, the development of financial technology should be based on the premise of legal compliance, safety and credibility, and controllable risks, focusing on the effective needs of customers and traditional business pain points, and prudently carrying out various types of business and application innovation.
The following is a transcript of some of the speeches:
In the face of the new situation and new requirements of the "14th Five-Year Plan" period, the financial technology industry that has undergone the stress test of the epidemic should further summarize its experience and consolidate its achievements, so as to more fully demonstrate its economic and social value. In this process, a very key point is to continue to adhere to the concept of integrity and innovation, take integrity as the steering wheel of innovation, and take innovation as the power source of integrity. So, how can fintech really be correct and innovative in practice? In my opinion, efforts should be made to achieve the "four positives":
The first is to strive to achieve "right heart". That is, the development of financial technology should adhere to a good original motivation and correct value orientation, and implement the basic concept of finance for the people and science and technology for good in all fields and links of financial technology innovation. The history of human financial development has eloquently proved that only financial innovation rooted in the real economy and the masses of the people has vitality, divorced from the soil of actual economic and social needs, and even fancy innovation is only a source of water and a wood without a root, and it is difficult to withstand the test of history in the complete economic cycle and credit cycle. Therefore, practitioners should face the major national development strategies, face the effective needs of the real economy, face the people's yearning for a better life, focus on promoting the integration and innovation of financial technology and inclusive finance, green finance, science and technology finance, pension finance and other fields, solve the current problems and deficiencies in the financial industry in terms of market structure, business philosophy, innovation ability, service level, etc., and truly let the people and entity enterprises get convenience, benefits and satisfaction. Recently, the General Office of the State Council issued the "Implementation Plan on Effectively Solving the Difficulties of the Elderly in Using Intelligent Technology", which has aroused great concern and strong repercussions from all walks of life. I always believe that the development of financial technology should "keep the original intention", we can not ignore the actual needs of the elderly and other groups, can not exacerbate the negative impact of the "digital divide" and "intelligent gap", but should be through the integration of online and offline channels, diversification of financial services, mobile financial APP interface customization and other diversified innovative measures, truly leave the simplicity to customers, leave the complexity to themselves, and continuously improve the availability, convenience and security of financial services.
The second is to focus on achieving "correct position". That is, the development of financial technology should focus on the main responsibility, build on the strengths and avoid the shortcomings, seek advantages and avoid disadvantages, and find and adhere to the appropriate and correct position in the multi-level financial service system and the financial technology industry ecosystem. Financial institutions should pay attention to relying on financial technology to cultivate service management capabilities and ecological operation capabilities, combined with their own resource endowments and market positioning, to build a business "moat" and risk "firewall" with unique information advantages. In particular, small and medium-sized institutions that mainly serve the local economy should make use of the advantages of "locality" and "geographical popularity" to provide ubiquitous and meticulous and accurate services for the local people and local reform and development, realize the benign interaction between their own business development and local high-quality development, and cannot take the road of blind expansion, scale first, and over-scope operation. Fintech companies should implement the requirements of "no license, no finance", adhere to the positioning of science and technology empowerment, work with financial institutions to improve the normative level of fintech cooperation outsourcing, clarify the boundaries of responsibility, strengthen risk isolation, and prevent conflicts of interest.
The third is to strive to achieve "correct speech." That is, the development of financial technology should implement the people-centered development concept, practice the concept of responsible finance, effectively regulate financial marketing and publicity behavior, and fully protect the basic rights of financial consumers such as the right to know and the right to make independent choices. All kinds of practitioners should combine their own business conditions to establish and improve the internal control mechanism for financial marketing publicity that is more suitable for new online digital channels, and strengthen the responsibility agreement and behavior supervision of financial marketing publicity of partners such as business, technology, and data. When publicizing and promoting digital financial services and financial technology innovation and application, the financial management departments should strictly implement the regulatory requirements of financial marketing publicity entities, such as qualifications and codes of conduct, as well as the relevant self-discipline rules of industry associations, so as to "not exaggerate, not deceive, not confuse, and not mislead". Focus on innovative self-declaration, product publicity, information disclosure, risk warning and other diversified methods, proactively enhance the transparency of the whole process of digital financial services and financial technology innovation and application, and help improve the digital financial literacy and risk prevention ability of financial consumers.
The fourth is to strive to achieve "positive action." That is to say, the development of financial technology should be based on the premise of legal compliance, safety and credibility, and controllable risks, focusing on the effective needs of customers and the pain points of traditional business, and prudently carrying out various types of business and application innovation. Specifically, digital financial services should be provided in strict accordance with the scope of business and business rules, the implementation of basic general norms such as financial industry network security level protection, financial data security classification, personal financial information protection, as well as technical application standards such as artificial intelligence, cloud computing, blockchain, and mobile financial APP, the implementation of a self-discipline filing system for financial technology product certification and standard compliance, the construction of a financial technology innovation "firewall", and the elimination of products with security problems and hidden risks "with diseases on the line". At the same time, we should actively perform the main responsibility of financial consumer protection, ensure the property, privacy and data security of financial consumers from the source through risk education, advance compensation, insurance compensation and other work measures, and resolutely avoid the unreasonable transfer of financial technology innovation costs and risks to financial consumers.
Distinguished guests, friends. Promoting the innovation of financial technology is not only an inherent need to promote the high-quality development of the financial industry, but also an inevitable requirement for the financial industry to implement the concept of people first, and the task is urgent and of great significance. As a national industry self-regulatory organization, the China Internet Finance Association is willing to work with the majority of practitioners and consumers under the guidance of the financial management department to jointly promote financial technology to be upright and innovative. Finally, I wish the summit a complete success. Thank you.
(Editor-in-Charge: Lu Kai)
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