On November 2-3, the 16th 21st Century Asian Finance Annual Conference hosted by 21st Century Business Herald was held in Beijing. On the 3rd, Ji Kuisheng, co-ceo of Lujin Holdings, said in a keynote speech at the financial technology theme forum that in the past few years, under the promotion of the government, policies and markets, financial technology has achieved better development, helping to reduce the cost of financial services and serve the development of the real economy.
"As a data-driven financial services platform, Lujin has also achieved many results." He said that for example, in the field of public business, Lujin has served 12 million small and medium-sized micro business owners, and through more than 10 years of data accumulation, it can well identify the kyc status and kyb status of these small and medium-sized micro business owners, cooperate with partners in AI risk control, and improve the efficiency of bank lending decisions.
In the field of Internet wealth management, Lu Jin has also invested a lot of money to improve the kyc rating system for individual investors, and has done various ratings and labels for various financial wealth management products, and finally achieved the effect of "recommending suitable products to suitable users". In addition, individual investors have AI technical support in the pre-investment and post-investment links, and the entire operation process will also be landed in a blockchain system to ensure that product promotion, investor selection, purchase, post-investment transactions and other links have traces to follow.
"Therefore, we believe that digital operations can provide a more accurate service, improve the convenience and speed of financial investment, and reduce operating costs." He pointed out.
It is worth noting that with the promulgation of the Personal Information Protection Law, whether it will have a great impact on the future digital financial services industry has attracted considerable attention from the financial market.
Ji Kuisheng believes that a major change brought about by the promulgation of the Personal Information Protection Law is to clarify the responsibility of the platform, that is, how to allow users to give appropriate authorization so that the platform can use some of his personal information and ensure the security of these personal data information.
In addition, another change brought about by this policy is that in the future, users can have the right to know which personal information is used on each platform, which information needs to be modified in some use links, and the right to cancel their data authorization in some scenarios. What's more, he can decide whether to transfer personal information from one platform to another. He pointed out. This means that data can become one of the consumer's personal assets that can determine how that asset is used.
Ji Kuisheng said that at present, Europe and the United Kingdom have introduced relevant personal data protection norms similar to the Personal Information Protection Law, of which the United Kingdom has created more rights and interests for individual users after the introduction of relevant laws and regulations, and has also driven the development of a new ecosystem of open banking/ open finance.
"In fact, the reason why the UK is developing relatively fast is also because the country has established a unified API standard from top to bottom, so that british individual users can easily transfer their personal data from one institution to another, forming a complete authorized use system." At present, more than 200 institutions in the UK have participated in the construction of this open financial ecosystem, and more than 2.5 million individual users have begun to use the corresponding services. He revealed. This may become a global trend in the future.
But he admits that there are also new challenges in this development trend, such as personal information stored in different carriers, under different regulatory systems, to protect the security of customer data as much as possible while opening up data to each other, which requires a very strong system processing capability. In addition, the entire system also needs a common standard that meets the data security, to facilitate the circulation and use of personal data in a secure situation, whether it is the current trusted execution environment, or multi-party secure computing, or federated learning technology, there are currently high operating costs, slightly lower efficiency problems, once encountered in large-scale operations will be difficult. Therefore, relevant departments and enterprises need to explore how to seek a lower cost, more efficient operation model that meets the compliance requirements of various markets and regulatory authorities to facilitate the circulation and use of data in a safe and reliable environment.
"In the future, at the legal level, we hope that relevant departments and market participants can jointly discuss and clarify which data can be used and how to use it, and define the boundaries between data definition and use more clearly, so that all departments can operate according to the same standard." Ji Kuisheng stressed. In fact, many financial institutions hope that some data can be opened in the whole market, such as in the financial business, if a customer has completed kyc rating, if there is a third-party platform in the market that can promote these data information to achieve cross-platform access, it can reduce the customer's operating costs and time, and improve the convenience of the entire financial investment. Therefore, in order to maintain a healthy and better development of financial technology, it needs to be clearer in terms of technology, data definition, and law.
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