(Yicai Global) Sept. 18 -- Financial technology is the biggest inclusive financial powerhouse of our time, Jing Xiandong, president of Alibaba Group Holding Ltd.'s [NYSE:BABA] financial service arm, Ant Financial Services Group, said at the second China Fintech Conference in Beijing yesterday.
Tsinghua University's PBC School of Finance held the event, during which Jing gave a speech titled Fintech Brings More Equality to the World.
Technological advances will bring more equality eliminate disparities caused by income, regional development discrepancies and other individual differences, he added.
Fintech has made the '3-1-0' model a reality, Jing said. This refers to a three-minute loan application, one-second delivery and zero manual interference. The model has significantly improved the accessibility and efficiency of financial services, especially for small businesses and startups.
Jing also gave an overview of the development of inclusive finance in China. It began in most parts of the country in 2011 and achieved rapid growth by 2015, he said, and regional disparities were greatly reduced thanks mostly to 'digital dividends.'
There is still room for improvement in terms of strengthening legislative supervision for the fintech sector, enhancing risk prevention and consumer protection and promoting fintech applications using blockchain, artificial intelligence and biometrics technology.