(Yicai Global) July 25 --The Chinese Chamber of Commerce in the UK is still fully committed to further promoting business cooperation between China and the UK, said its Chairman Yu Sun.
Over the past 10 years, financial technology has significantly changed the way that payments are made for goods and services, said Yu in a speech at the China Europe International Business School's London Forum on July 19. CEIBS is dedicated to serving as a bridge for the development and exchange of economy, culture, and talent between China and Europe.
Fintech has upended banks' traditional ways of trading, serving clients, as well as managing risks and portfolios, Yu said, adding that this game-changing factor can be summarized using the first four letters of the alphabet: A for artificial intelligence, B for blockchain, C for cloud, and D for data.
Yu stated that technology is the heart and blood of the banking industry. "If we don't keep up with innovations, we will be left behind. Both China and the UK are the leading FinTech markets globally, while the many complementary offer tremendous opportunities", he added.
Yu also recognized the UK as a leading fintech worldwide. The country is home to 17 of the top 50 international fintech firms. Recent statistics show that the sector contributes nearly USD7 trillion to the UK economy each year.
There are still many areas that require joint efforts, Yu stated. He pointed out that with Brexit looming in the background, it is now the best time for China and the UK work together. "We can work on big data ecosystems and security, while taking advantage of fintech related to Belt and Road projects. " he added.
Editor: William Clegg