BOAO, China, April 9, 2018 /PRNewswire/ -- On April 8th, Dong Qi, the founder and CEO of FINUP FINTECH GROUP, arrived in Boao, Hainan and attended the Boao Forum for Asia Annual Conference 2018. In the afternoon, Dong Qi gave an interview to a CGTN reporter and expressed his views on the future development of China's open financial market and Fintech enterprises.
"Over the past three years, China's Fintech companies have undergone fierce competition, which has led to a growing size of leading enterprises in the industry so that better financial science and technology services can be provided for the public. The massive and rapid application of various technologies in China's Fintech fields, such as artificial intelligence, big data and others, is also a driving force behind the development and growth of China's Fintech" said Dong Qi.
Founder & CEO of FINUP FINTECH GROUP Dong Qi
This year's Boao Forum for Asia, themed "An Open and Innovative Asia for a World of Greater Prosperity," has been a stronger advocate for openness. In recent years, China's financial market has gradually opened its doors, which has also propelled many Chinese financial companies to actively expand their international market operations and participate in international competitions at the same time. Speaking of the development of China's Fintech, Dong Qi emphasized that artificial intelligence was the core driving force for China's Fintech enterprises. He said that in the past few years, FINUP FINTECH GROUP had formed several technical and data teams to improve the efficiency of service delivery.
As for the future development of the company, Dong Qi revealed that according to its development plan, the company will continue to focus on Fintech innovation to drive financial services, and provide users with full life-cycle financial information services that are more scenario-based by applying emerging technologies such as big data and artificial intelligence so as to cover all aspects of users' lives. He believed that despite the speedy growth of China's Fintech market, there was still much room for further development. With the use of various technologies, Fintech services will be further enhanced to facilitate the development of China's Fintech.
In fact, the development of China's Fintech industry can't do without government regulation. To effectively forestall financial risks, the Chinese government has gradually tightened its financial regulations over Internet finance. After more than a year of special overhaul, the regulatory system has gradually been improved, and Internet finance has been developing in an increasingly standardized manner. Moreover, the merger of the China Insurance Regulatory Commission and the China Banking Regulatory Commission has opened a new era of regulation. Based on the above, Dong Qi stated that a Fintech service enterprise should place the most emphasis on customer needs, guided by which corresponding services were provided. Therefore, a more comprehensive and systematic regulatory policy is actually more conducive to development.
When asked by CGTN about the Sino-US trade dispute, Dong Qi said, "I think its impact on China's Fintech industry will be limited." The reason lies in that American financial companies have deep penetration in their domestic market, leaving less market share for foreign companies. In comparison, markets outside the United States such as South America and Southeast Asia would be more favorable for Chinese Fintech enterprises.
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