} ?>
(Yicai Global) April 30 -- New financial technologies will improve China's economic efficiency by lowering financing thresholds for different social groups, but regulators and individuals must pay attention to risk control, according to economists at a fintech conference in Shanghai.
Fintech innovation will make up for the past shortcomings of finance, such as transaction costs and scaling problems, Yang Tao, deputy director of the National Institution for Finance & Development, said at the Ninth China Financial Science and Technology Summit. Regulators should strengthen risk management and strive to achieve sustainable financial inclusion in the society, Yang added.
Authorities, market players and the public must improve their risk awareness, said An Qilei, deputy chairman of a social financing committee at the Society of Public Finance of China.
Innovation may take forms of digital banking. Banks will make progress toward more open and smart platforms, said Chen Wen, general manager at IBM Banking and Financing Markets Solutions China.
Singapore-based Global Logistic Properties and other 20 domestic and foreign companies received awards at the two-day conference.
Editor: Emmi Laine