Financial Associated Press, February 25th (Reporter Gao Ping)“In recent years, the China Banking and Insurance Regulatory Commission has strengthened regulatory guidance and financial technology planning, continued to urge banking and insurance institutions to accelerate the application of financial technology, and vigorously develop inclusive finance, so that the broadest masses of the people can fairly share the results of financial reform and development.” Chief Inspector of the China Banking and Insurance Regulatory Commission Zhao Chaodi said so at the Pearl Bay Financial Summit (2023) today.
At present, the comprehensive empowerment of financial technology to inclusive finance has been comprehensively improved, and the popularization of electronic payment, especially mobile payment, has enabled China to achieve full coverage of basic financial services in urban and rural areas. Statistics show that the adult account ownership rate in China and the out-of-the-counter transaction rate in the banking industry have exceeded 90%, and the penetration rate and scale of mobile payment rank first in the world; banking institutions use big data to carry out intelligent risk control, providing nearly 30 million small and micro enterprises Technical Support.
Zhaodi pointed out that in the era of digitalization and intelligent connection of all things, economics and finance are even more inseparable from the support of science and technology, but financial technology is not perfect, and it is not a “panacea” that can cure all diseases of inclusive finance. It must be faced squarely that there are still some problems in my country’s financial technology to help the development of inclusive finance. Including unbalanced development among regions, imperfect system standards, and increasingly prominent technological risks. It is necessary to promote the deep integration of financial technology and inclusive finance, so that the “key variable” of financial technology can truly become the “largest increment” for the high-quality development of inclusive finance. In this regard, Zhaodi put forward several views.
First, we must adhere to the people-oriented principle of financial technology. Wang Chaodi said that it is necessary to guide banking and insurance institutions to adhere to the people-centered development idea, return to the origin of finance, firmly establish the concept of responsible finance, vigorously promote digital and intelligent transformation, strengthen the coordination and linkage of banks, securities, and insurance, and increase inclusive finance. Financial investment in key areas and weak links to better meet the financial needs of the majority of “long-tail customers”. Make full use of modern information technology, establish multiple online and offline contacts, strengthen scene aggregation and ecological docking, and promote the establishment of an inclusive financial service mechanism with sustainable business, affordable costs, and controllable risks.
In addition, adhere to the principle of integrity and innovation, strictly prohibit the use of technology and information advantages to conduct unfair competition, damage the interests of small and medium-sized financial institutions, and maintain the healthy operation of the financial industry; strictly prohibit the use of false information, wrong information, etc. to induce low-income groups to consume ahead of schedule and excessive consumption, which violates social Value-oriented and moral ethics, to protect the legitimate rights and interests of financial consumers.
At the same time, it is necessary to lay a solid foundation for the development of financial technology. Zhaodi said that it is necessary to increase the construction of infrastructure such as data storage centers, big data platforms, intelligent computing centers, and deep learning platforms, focus on the underlying key core technologies and strengthen research and development of cutting-edge technologies, and promote my country’s financial technology in the new round of technological revolution and industrial development. Take the lead in the change and win the initiative. Standardize the collection and use of data, accelerate the establishment of systems in terms of data rights confirmation, circulation, transaction, income distribution, governance, etc., increase the protection of intellectual property rights, and severely crack down on infringement, theft, and illegal use.
It is necessary to strengthen the prudential supervision of financial technology. “The essence of financial technology is finance. We must adhere to the basic principles of financial licensed operations and franchising, and adhere to the regulation of all types of financial activities in accordance with the law. We cannot use the banner of innovation to expand disorderly and evade supervision. We must continue to enrich supervision methods and means to improve the ability to penetrate supervision. Adhere to the equal emphasis on regulation and development, promote and accelerate the improvement of financial technology regulatory laws and regulations, standardize the application of artificial intelligence in finance, and urge banking and insurance institutions to optimize the assessment and incentive mechanism to ensure that agriculture-related, small and micro enterprises, and new citizens, etc. Hui Finance will further expand its coverage, increase financial products, improve service levels, and reduce operating costs.” Wang Chaodi said.
In addition, data security should be highly valued. Chaodi emphasized that security is no small matter, and financial data security is related to national financial security, economic security and national security, and is an important part of national security. Banking and insurance institutions should build more effective protection mechanisms, respect consumers’ right to privacy, prevent data leakage and abuse, and effectively protect consumers’ personal information security. It is necessary to strengthen data information security management, establish data security strategies, conduct data risk assessments, use encryption and power control technologies, comprehensively strengthen financial data information protection, and maintain national security and financial stability.