(Yicai Global) July 13 -- Jing Xiandong, the chief executive of Ant Financial Services Group, summarized five important developments in the world of new finance at the 2017 Global Netrepreneur Conference yesterday.
"Finance is increasingly inclusive, 'cashless society' is emerging as a trend, credit systems are becoming a key pillar of new finance, everyone is involved in green finance, and digital finance is globalized," Jing said.
Mobile internet enables financial services to reach a broader user base, and big data can identify risks and assess credit, Jing said. Cloud computing has helped lower information technology costs and with biometric technologies, users in remote areas can access convenient and safe services, he said. Artificial intelligence brings customized high-quality financial services to users and decreases the need for manual labor, while blockchain technologies support trust mechanisms and improve transparency, said Jing.
Cash-free payment methods offer convenience and enhance consumption and livelihood services, and give consumer the choice of whether they want to use paper money, Jing said. Mobile payments are steering China closer to being a cashless society, he said.
Credit systems are supported by the sharing economy, new retail, government affairs, inclusive finance and social governance, said Jing. Credit itself is a kind of capital that can engage in economic transactions and social resource allocation the same way that physical capital does, he said.
In the technology era, everyone can be a part of green finance and contribute to sustainable development, he said.
Leaders of participating states adopted the G20 High-Level Principles for Digital Financial Inclusion at the 2016 G20 Hangzhou Summit, advocating the popularization of digital financial services.
"A new finance system fitting in with the data technology (DT) time is forming," said Jing. "New finance means better finance, where finance is brought back to serving the real economy by removing itself from the world of Wall Street. Most importantly, the key to new finance is that it is more about solving practical problems for the general public than making money."