AFCA Fintech Annual Forum 2023 was held successfully in Lin-gang Special Area

Asian Financial Cooperation Association (AFCA) Fintech Annual Forum 2023 was held successfully in Lin-gang Special Area, Shanghai on July 4, 2023. Themed as “Fintech Empowers High-quality Development”, The forum covers several sessions, including Opening Speech, Release of Deliverables, Keynote Speech, Panel Discussions and Booth Visiting. It also has three panel discussions, including “Cross-border Data Flow”, “Digital Transformation” and “Science and Technology Ethics”.

Mr. Chen Kewen,Secretary General of AFCA chaired the forum.Ms. Yang Jing, Chief Financial Officer of Shanghai Lin-gang Economic Development (Group);Mr. Tu Hong, Chief Business Officer of Bank of Communications; Mr. Shinichiro Funabiki, Representative Director, President, Chief Executive Officer of Mitsui Sumitomo Insurance; Mr. Peter Simon, Managing Director of World Savings and Retail Banking Institute delivered the opening speech.

Mr. Zhou Yanli, Former Vice Chairman of China Insurance Regulatory Commission; Mr. Joseph H. L. Chan, JP, Under Secretary for Financial Services and the Treasury of the Government of Hong Kong SAR; Mr. Zeng Gang, Deputy Director of National Finance and Development Laboratory, Director of Shanghai Finance and Development Laboratory; Mr. Diederik Bruggink, Head of Department - Payments, Digital Finance and Innovation of European Savings and Retail Banking Group delivered the keynote speech. Mr. Chen Junma, the Secratariat Executive Director of Lin-gang Special Area Technology and Finance Alliance chaired part of the Forum.

Mr. Zhou Yanli,Former Vice Chairman of China Insurance Regulatory Commission delivered a speech with the theme of “Financial Technology Facilitating the Digital Transformation and Development of Financial Services”. He stated that currently, digital financial technology in China is promoting the digital transformation and development of financial institutions, gradually becoming a new engine driving high-quality economic and social development, facilitating the rapid growth of the digital economy, and enhancing the competitiveness of international economic and trade cooperation. The practice of digital finance in the past three years has shown that Chinese financial institutions have utilized digital technology to create new forms, applications, and models of digital finance. This has led to a transformative change in the efficiency of the financial sector, strengthened the digital prevention and control of systemic risks, significantly expanded the scope of financial services, diversified the categories of financial services, and broadened the coverage and benefits of inclusive finance. It has provided strong support for the development of the digital economy. The trend of finance supporting the development of the digital economy is mainly reflected in the further deep integration of financial technology and the real economy, financial support for the development of national strategic areas, financial intelligence support for the diversified development of the digital economy, and the steady promotion of digital currency applications. These trends will jointly drive the transformation of the financial industry and the prosperity of the digital economy.

Mr. Joseph H. L. Chan, JP, Under Secretary for Financial Services and the Treasury of the Government of Hong Kong SAR emphasized the importance of the development and application of financial technology in promoting high-quality development of the financial industry. He introduced that the number of related companies in the Hong Kong fintech ecosystem has exceeded 800, covering various areas such as mobile payments, cross-border wealth management, financial advisory services, investment management, and regulatory technology. In terms of enhancing business efficiency through fintech, a blockchain trade finance platform called "Trade Link" has been created. In terms of financial infrastructure, research on wholesale central bank digital currency applications has been conducted in collaboration with three other central banks. He stated that the Hong Kong financial market has influence in the global capital market, while Shanghai has great potential for gathering domestic financial resources. The two sides will continue to strengthen financial cooperation to contribute to the country's financial reform and opening up, and jointly provide financial services for the development of the national real economy.

Mr. Zeng Gang,Deputy Director of National Finance and Development Laboratory, Director of Shanghai Finance and Development Laboratory delivered a speech with the theme of “Opportunities and Challenges for the Financial Industry in the Intelligent Era”. He stated that the emergence of ChatGPT reflects a new trend in artificial intelligence, transitioning from perceptual intelligence to analytical intelligence, decision-making intelligence, generative intelligence, and other forms of cognitive intelligence. This change, from “eliminating information intermediaries” to “eliminating knowledge intermediaries” will have a profound impact on various fields and industries, and the changes it will bring to the business development and operational management of financial institutions are also worthy of in-depth research and analysis. Currently, the financial industry is facing challenges such as declining profitability, customer shift to online channels, and intensified customer competition. The development of artificial intelligence may bring opportunities for the financial industry in terms of cost reduction, efficiency improvement, and service enhancement.

Mr. Diederik Bruggink, Head of Department - Payments, Digital Finance and Innovation of European Savings and Retail Banking Group, stated that the relationship between traditional banks and fintech companies has evolved from mutual competition to mutual adaptation, symbiotic cooperation, and driving industry solutions, promoting industry innovation and regulatory reform. The future of banking and fintech is not a conflict but a symbiosis, and both sides will benefit. The World Savings and Retail Banking Institute, as a representative of the banking industry, has been actively promoting a balance between competition and cooperation between the two sides, believing that decisions should prioritize customer interests. In the future, we will continue to embrace change, promote innovation, and create solutions that are beneficial to customers and the entire industry.

The forum released several achievements. AFCApublished the Guidelines for personal financial information protection. Bank of Communications Co., Ltd. issued E-CNY Passenger Code, Smart Auto Finance, Account Receivable Chain System. Mitsui Sumitomo Insurance and partners issuedIntelligent Cross-border Trade Insurance Platform – Smart Logistics Risk Visualization Solution.Dishui Lake signed a contract to build an “Emerging financial intelligent computing Integration Innovation Platform”.Archforce Fintech Research Institute released“Capital Market Insight” Series Product 2.0.

The forum also held three panel discussions on “Cross-border Data Flow”, “Digital Transformation”, and “Scientific and Technological Ethics”. Mr. Zheng Yongqiang,Deputy General Manager of Mitsui Sumitomo Insurance (China) chaired the “Cross-border Data Flow”panel discussion.Mr. Benton Gong, Chief Information Officer of DBS Bank (China); Mr. Zhang Jin, General Manager of Big Data Center of China Economic Information Center,Mr. Cao lei,Head of Archforce Fintech Research Institute, and Mr. Li Hanjun,Senior Engineer of Industrial Internet and IOT Research Institute of CAICTparticipated in the discussion.

Mr. Sun Yikun, Vice President of BOCOM Financial Technology, chaired the “Digital Transformation” panel discussion. Mr. Dong Yutao, Head of Department of Industry Risk Management of Asset Management Association of China, Mr. Lai Dongfeng, General Manager of Information Technology Department of China Export &Credit Insurance Corporation, and Mr. Han Kaichuang, Executive Dean of the Financial Research Institute of Tencent Group, participated in the discussion.

Mr. Cheng Long, Chief Information Officer of China International Capital Corporation   chaired the “Scientific and Technological Ethics” panel discussion. Mr. Fan Hao, General Manager of China Bond Finance and Information Technology, Mr. Mike Wang, Chief Information Officer of S&P Global China, Mr. Tian Feng, Dean of the SenseTime Research Institute, and Mr. Ji Weidong, Senior Professor in the Faculty of Arts at Shanghai Jiaotong University, Director of the Japan Research Center, participated in the discussion.

The forum was co-hosted by AFCA, Bank of Communications, Mitsui Sumitomo Insurance (China), World Saving and Retail Banking Institute and Shanghai Lin-gang Economic Development (Group). The forum is supported by Lin-gang Special Area Administration of Shanghai. The organizer is Shanghai Lin-gang Special Area Economic Development and Co-organizers are Shanghai Financial Association and Archforce Fintech Research Institute. Xinhua Financial and Shanghai Securities News provided media support. More than 200 AFCA members, industry experts from relevant international organizations and financial institutionsfrom over 10 countries and regions, including China, Japan, Singapore, Belgium and Hong Kong China participated in the forum.

Photo 1 Asian Financial Cooperation Association Fintech Annual Forum 2023 & “Walking Into Lin-gang Special Area” Activity

Photo 2 Mr. Chen Kewen,Secretary General of AFCA chaired the forum.

Photo 3 Ms. Yang Jing,Chief Financial Officer of Shanghai Lin-gang Economic Development (Group) Ltd. delivered the opening speech

Photo 4 Mr. Tu Hong, Chief Business Officer of Bank of Communications Co., Ltd delivered the opening speech

Photo 5 Mr. Shinichiro Funabiki,Representative Director, President, Chief Executive Officer of Mitsui Sumitomo Insurance Company. Ltd. delivered the opening speech

Photo 6 Mr. Peter Simon, Managing Director of World Savings and Retail Banking Institute delivered the opening speech

Photo 7 Mr. Zhou Yanli,Former Vice Chairman of China Insurance Regulatory Commission Delivered a keynote speech

Photo 8 AFCA Fintech Cooperation Committee Guidelines for personal financial information protection is officially published

Photo 9 Bank of Communications Co., Ltd. released the E-CNY Passenger Code

Photo 10 Bank of Communications Co., Ltd. released the Smart Auto Finance

Photo11 Bank of Communications Co., Ltd. released the Account Receivable Chain System

Photo 12 Mitsui Sumitomo Insurance and partners released Intelligent Cross-border Trade Insurance Platform – Smart Logistics Risk Visualization Solution

Photo 13 Dishui Lake signed a contract to build an “Emerging financial intelligent computing Integration Innovation Platform”

Photo 14 Archforce Fintech Research Institute released the “Capital Market Insight” Series Product 2.0

Photo 15 Mr. Joseph H. L. Chan, JP,Under Secretary for Financial Services and the Treasury of the Government of Hong Kong SAR delivered a keynote speech

Photo 16 Mr. Zeng Gang,Deputy Director of National Finance and Development Laboratory, Director of Shanghai Finance and Development Laboratory deliveredakeynotespeech

Photo 17Mr. Diederik Bruggink,Head of Department - Payments, Digital Finance and Innovation of European Savings and Retail Banking Groupdelivered a keynote speech

Photo18 Mr. Chen Junma, the Secratariat Executive Director of Lin-gang Special Area Technology and Finance Alliance chaired part of the Forum.

Photo 19 Panel Discussion: Cross-border Data Flow

Photo 20 Panel Discussion: Digital Transformation

Photo 21 Panel Discussion: Scientific and Technological Ethics