Fan Yifei: Facilitating the Transition of National FinTech from "Pillars and Pillars" to "Collective Strength"

On October 20, Fan Yifei, vice chairman of the Joint Chiefs of Staff, addressed the annual meeting of the 2021 Financial Forum, told During the "14th five-year plan", the financial sector must establish a new foundation. . Improve the use of financial information through the use of development stages and new development strategies. In accordance with the objective of supporting the transformation of financial institutions and making the digital transformation of financial institutions a vital axis, we are improving the country's financial system. the skills of the country. industry and community contribute to the advancement of digitization and intelligence.

Speech by Vice President of China Financial Institutions Pan Yifei at the 2021 Annual Financial Forum

(October 20, 2021)

Visitors from home and abroad,

Good night everybody! We are delighted to attend the annual meeting of the Chengfang 2021 Financial Street Forum. The content of the "14th Five-Year Plan" clearly provides for the development and expansion of the FinTech Improvement Plan in the new period by "continuing to promote sustainable spending." delay and accelerate the digital transformation of financial companies ”. The Company shall, in accordance with the decisions and plans of the Party Central Committee and the State Board of Directors, adhere to the development, supervision and cooperation, plan and direct the financing of enterprises and fulfill its role with the human heart in mind. Work for real business, fulfill the role of two-wheel drive of data and technology, and continue to support financial business, improving efficiency to strengthen the economy in the development of new development models. Below, I'll provide some information about meetings and how they work, giving you some information to use.

1Work hard and achieve new results with the tight combination of finance and technology.

Knowing history is good, so hold onto the past and open up to the future. Looking at the "13th Five-Year Plan", the financial sector adheres to the concept of development at the forefront of innovation, focusing on "Six Stability" and "Six Guarantees", all in accordance with approximately three years for development. financial technology, and we use research and technology to improve the quality and efficiency of financial services.One isContinue to improve corporate financial governance standards, management capacity and partnership procedures Twelve state-owned enterprises and some corporate security insurers have set up technology finance companies one after another, streamlining institutions and processes and creating new ones. More soon.of themPlanning for digital financial infrastructure is needed, and technology is outdated, and key processes such as network deletion platform, RMB cross-border payment, information security assurance, digital RMB system, etc. are gradually improved and promoted. Changes in the financial structure and sound financial allocation.ThreeThe efficiency of the application of digital technology has been integrated with other technologies such as big data, cloud computing and intelligence, and financial services, in particular, facilitate the expansion of service capital financial resources and strengthen the supply chain. financial equipment. Provide contactless financial services during an epidemic for business recovery and product development and people's daily lives.4 isTechnology management systems have been gradually improved and improved, new management tools have been promoted and used nationwide, and more than 130 "new applications" in 34 exports have shown significant benefits, improving the level digital financial services. .

Generally speaking, during the “13th Five Year Plan”, Korean fintech can take root in the fertile lands of a truly prosperous and prosperous economy based on a justice and development system. Based on the need for diversity and general competition, we strive to take advantage of the best financial markets in the world.

2Surely holds the new direction of research and decision-making, digital financial transformation

Globalization is still expanding, the external environment is still burdensome, and the development of technology and digital commerce has become an important driver of social change, energy and good growth. At the same time, issues such as chaotic expansion of capital, business monopoly and data abuse have become essential in the business platform. Faced with the new situation, we must adhere to the goal-oriented and problem-oriented approach, follow the development, identify the direction of our efforts, clearly show the level of the goals, and firmly focus on improving the needs of digital, intelligent , green. , a fair and rapid digital transformation of finance.

(1) Follow your digital number.Historical data has become an investment in social media, and digital technology has great potential for innovation. Both integrate existing financial services that can be effectively "leveraged" through the use of development programs and trading models. Financial companies must identify new trends in digital business development, inject digital content into the whole process of financial services and integrate digital concepts in all industrial sectors to strengthen and realize the development of scientific research and research. technological weapons of financial innovation. . All the energy and major challenges of the Korean economy. At the same time, we must adhere to the concept of improving safety and use digital means to continuously improve the functioning of risk identification, monitoring, assessment and alerting. . ecosystem. We offer a good guarantee for the good development of the financial industry.

(2) Strive for intellectual development in people.The major conflicts in our lives have become the conflicts of people's desire for a better life, poor development and insufficiency. To this end, the financial industry should honestly adhere to the theme of this period, seize new opportunities for intellectual development, a deep understanding of the use of smart devices in human finance, and strive to realize the wisdom of all the chain. The new form of smart money, which makes financial services more accessible to people, easier and more diverse, has improved people's satisfaction and happiness.

(3) Adhere to green and low carbon.Support for green, low-carbon and sustainable growth is a key role given to funding by the Board of Directors and the Council of State in the new era. To achieve our peak carbon and middle carbon target, there has to be new development. To this end, we must develop the concept of green improvement, strengthen the deepening of financial and cash flow, innovation and pre-cash development. , and strive to improve the benefits and accuracy of financial support for green businesses.

(4) Be fair and cooperative.The main objective of the development of financial instruments is to provide fair, transparent and profitable financial services to consumers and to streamline the flow of funds to all real places of activity. To realize this first hope, we must carefully consider the integration of justice, and use science and technology to support the financial system, optimize financial products and continue to grow our capital and electricity. . Provide financial support and bridge the gap between regions, groups and communities. The digital diffusion of schools has made the tech industry wider, deeper and more profitable for the public.

ThreeProgress towards a new objective of improving financial performance and reliability achieved

Recently, Secretary General Xi Jinping (習近平) pointed out in a central Politburo study group that technology and digital commerce are opportunities for global science and technology. competetion. We must seize the opportunity and hold the key to future development. . During the "14th five-year plan", the financial sector must adhere to a new stage of development, adopt a new development strategy, apply it according to financial information, and support in order to modify the structure of the financial equipment. . , focusing on the digital transformation of financial companies, promoting the transformation of Korean financial technology from "pillar" to "collecting power" and helping the economy and the same people achieve digital intelligence.

(1) Improve financial management technology.Managing technology is the key to expanding digital financial transformation. Financial firms must seize this "energy" and support the major potential of technology as a major manufacturing power.One isImprove today. Strengthen the design of advanced management, develop and improve all industrial-level integrations, establish digital transformation, clarify the concept and method of the "second development curve" and implement the management process as a leader. establish coverage. Management of design decisions, operations, testing and installation of closed equipment.of themCompletely shape digital functions. Develop digital thinking, promote digital culture, create innovative designs with cutting edge technology, rapid R&D, channel integration, precise decision making and good operations, know how to optimize the entire value chain and everything, and develop modern financial services. Complement the reinforcement of the importance of competition between consumers and the direction of processes and businesses in the digital age.ThreeStrengthen the development of financial justice process. Monitor the integration of innovation and risk prevention, the integration of reception processes and self-regulation, and improve the integrity of cooperation between different groups and management partnerships. Financial institutions must fulfill their vital role in the management of research and technology, by establishing a consistent operating system that leads to ethical review and disclosure. Integrity Intervention, Self Defense Deficiency at Work We must learn to work well, promote knowledge, acquire knowledge about research and technology, and make decisions against bad behavior.

(2) enable new power for digital work;Digital transformation is a difficult and time-consuming process that requires financial companies to drive innovation and change throughout their manufacturing and operating processes and the entire supply chain.One isCreate a new agile construction. Research on industrial cooperation and cooperation and cooperation, exploration of cooperation, cooperation and cooperation together, create new models such as digital factories, innovation labs, etc., create and improve the commercial grade. Innovation and risk-reward trial and error tolerance mechanism, accelerated to create innovation incubation and simple application system that deals with safety and efficiency.of themIntegration of operations in the support. Design simple, easy-to-use technology environments using low-speed, high-integration integration, providing assistance and support for customization, as well as design and support. business data in the data industry, also creating a modular, customizable and reusable business platform to support the changing business needs of the digital commerce age.ThreeImprove automated risk management mechanisms. Use big data, intelligence and other technologies to identify relevant information and transmission to improve estimation and estimation of the fate of risk management, clarify relationships, learn and make modifications for change emergency situations and complete a dynamic capture and analysis phase. The transition of risk management from "human protection" to "technology protection" through the use of early warning of the risk of change, change is unhealthy and unreliable, then use digital means to block trade, correct malfunctions and other guarantees. "Management skills".4 isImprove your digital marketing skills. Adhere to the principles of consumer data intermediary management and production costing, develop business processes in industry, explore partnerships and market-based models. such as extensive training, knowledge of graphics and other technologies, and the application of the best techniques to improve the lives of consumers. tsim. The transformation of the cycle and public relations has moved from a preference for diversity and people and an increase in the number of recipients, holders and holders.

(3) Accelerate the development of new financial services.In the service process,Leverage a combination of industry-leading performance and operational maintenance and equipment reduction to create low-cost, error-free delivery models. , and uses intelligent technology to provide end-to-end digital reorganization processes for seamless connectivity, interconnection-time information and capitalization.About the service channel,It improves relationships between the banking industry and the surrounding community, creates a financial 'touch point' that 'performs multiple services at once' and continues to support the transition from digital media to more interactive, deep and accessible media. Use mobile internet. Create Tech People Create “limitless” omnichannel financial services that can integrate intelligent services between people, people for anything and everything.Regarding service scenarios,By focusing on small and medium enterprises, rural support, supply chain and other industries, using digital technology to create global financial services, keep the deeper financial needs of the real business and build a synergistic partnership as the industry operates. The "credit terms" and the exchange of "credit information" will reduce the problem of information asymmetry of companies, improve the efficiency of financial distribution and promote sustainable development. funds included.

(4) in-depth use of a wide range of cognitive skills;President Xi Jinping spoke of the need to improve skills and procedural oversight as well as integrated oversight and management across the entire innovation, manufacturing, operation and investment process. In the age of the digital economy, financial exchanges have become more complex and diverse, and financial risks have become more hidden. Using good management skills is the “key to problem solving,” which emphasizes the relationship between safety and efficiency and the pursuit of financial literacy.One isDevelop a basis for the application of nursing skills. Use good language processes, standardization and other technologies to establish policies and procedures, establish technology governance practices that support the development of technology. Shipping and risk alerts will help improve the quality of care and reduce compliance costs.of themImprove digital surveillance capabilities. Establish professional risk management authorization and management, create and manage financial data, risk assessments and business risk evidence based on 'mutual co-creation, collaborate and share', and improve collaborative prevention processes and risk management. Promotes prevention and risk management.ThreeEstablish a secure firewall to protect yourself against financial risks and risks. Accelerate the export of standard security monitoring procedures and intelligence algorithm compliance, timely reporting of decision-making processes, operational and potentially dangerous logic, as well as translation, transparency and l integrity of algorithms. Strengthening cloud computing standards and security management, cloud computing modeling for financial institutions, bad reputation, passion and mitigation of payment risk to strengthen central management and control of other electrical devices to prevent external air conditioning services to occur.

(5) Establish an open and new business ecosystem.Fintech innovation is inextricably linked with the mutually beneficial, collaborative, open and inclusive environment, and the financial need to promote exchange and collaboration with open thinking and action, while continuously improving the capacity of technology to develop. 'self-innovation.One isImprove collaborative research. Play a key role in financial institutions in innovation, play a vital role and benefit large financial institutions, using the "level of disclosure" and "competition" process, and make progress and research on the basic software. and technology in finance, the ease of use of fintech technology, resources and services are presented and shared.of themDocking station easy to design and use. Establish a unique home platform for each technology industry, create new organizations such as an open community, expand the allocation of capital for the exchange of application benefits and the application of the research concept of mortgage and insurance lending and new technologies to support performance conversion Provides aspects of research and technological achievements Activate the "last mile" of performance change by connecting to support needs.ThreeIn-depth international exchanges. Join the global innovation network, strengthen global trade and cooperation in technology development, increase innovation through internal and external expansion, R&D partnerships, mergers and acquisitions, and mergers and acquisitions, and experiences in global high technology and management priorities. areas such as technology to support the global distribution of patents, promote and apply scientific research and technology around the world, and improve all stages of financial technology development. .

Guests from here and elsewhere, women and men! The “14th Five-Year Plan” is a period of historic unification of our three “200 years” and an important time to open a new way to build a strong nation today. "Everything has its life, everything in its own way." We must deeply understand all the development of the exchange of ideas, improve the direction of the economy to a new level, start the path of financial digitization according to Chinese models and models around the world, and help ourselves to enter a new era. Success!

Finally, I want to end this forum. Thank you.