Jianpu Technology (NYSE:JT)
BEIJING, 中国, December 14, 2020 /EINPresswire.com/ — Chinese fintech leader holds forum during 2020 SFF X SWITCH that sheds light on where industry is headed.
China’ s leading independent financial product discovery and recommendation platform Jianpu Technology (NYSE:JT) underscored the opportunities and headwinds in the fintech space at a forum it co-hosted in conjunction with the 2020 Singapore Fintech Festival (SFF).
As a key partner of the festival, which ran from December 7 to 11, the Company held a live-streamed forum as part of 40 similar satellite events that took place at different locations across the world. More than 20 academics, representatives of global regulators and financial professionals discussed changes in fintech industry and future opportunities at the forum.
“It is of pivotal significance to hold this forum in partnership with MAS (Monetary Authority of Singapore) from Beijing and disseminate the Chinese experience to the Asia-Pacific region and beyond,” says David Ye, Co-founder, Chairman and CEO of Jianpu.
He added that the festival’s importance loomed large since it came amid talk of China’s execution of a “dual circulation” economic strategy and after the recent signing of Regional Comprehensive Economic Partnership (RCEP).
“We hope China can join hands with countries from the region and the world over to forge a RCEP not just in trade, but to promote openness and cooperation in the fintech space,” said Ye.
The 2020 SFF is one of the world’s largest fintech conferences and has attracted notable speakers including Guo Shuqing, Head of the China Banking and Insurance Regulatory Commission, New Zealand Prime Minister Jacinda Ardern, Bill Gates, Co-chair of Bill & Melinda Gates Foundation, Microsoft CEO Satya Nadella and Google CEO Sundar Pichai.
The year 2020 will go down in history as an eventful year, fraught with “Black Swan” incidents that shook up global financial markets to the core. In a keynote speech entitled “Investment and Wealth Management Strategy in the Post-pandemic World,” Zhang Xiaoyan, Associate Dean of Tsinghua University PBC School of Finance, analyzed financial markets’ performance in China and beyond amid times of volatility. She also examined the application of technologies such as artificial intelligence and big data to investment strategy, and offered her recommendations for investors.
If anything, the pandemic has accelerated the pace for the finance industry to embrace the Internet and digitization. Dong Ximiao, Chief Researcher of Merchants Union Consumer Finance Company Limited, shared his insights into the fintech trends in the post-pandemic era. He pointed out that the sector will increasingly grow in six directions: a coming age of “Internet of Everything”; integration, instead of competition, between finance and technology; a return of tech firms to their roots as enablers; a shift in focus from consumer-facing businesses to corporate-oriented endeavors; a new type of frontier-less service that replaces a one-dimensional service model; and a transition of regulatory approach from behavioral and functional supervision to regtech.
The pandemic has fundamentally changed the way the insurance industry does business. According to the Chief Representative of Shanghai Anguo Insurance Brokers Co., Ltd., two thirds of China’s insurance agents reported performance declines during the coronavirus outbreak as a result of their reliance on traditional offline modes of customer engagement. A survey by Anguo shows that over 60 percent of respondents said the pandemic strengthened their willingness to become insured, citing the “critical need” to spend more on insurance to indemnify themselves against risks. Another 80 percent of those surveyed expressed a hope that insurers could add online consulting to their service offerings. All these findings suggest the insurance industry will inevitably pivot to the Internet for future growth.
Jianpu also hosted a number of roundtables to discuss issues ranging from China’s entrepreneurial ecosystem, insurtech’s opportunities and challenges, trends for Chinese and global blockchain technology, decentralized finance and opportunities and challenges confronting fintech companies’ global communication in the post-pandemic world.
Among those invited to moderate the roundtables were Yanqing Yang, Managing Director of YICAI Research Institute, Coindesk China COO Alan Xin, Conflux COO Yuanjie Zhang, and Xiaoqing Xu, General Manager of Brand Marketing at XinWang Bank. More than a dozen experts with extensive backgrounds in banking, insurance, blockchain and fintech attended and spoke at these roundtables.
During the Q&A session of a keynote roundtable, David Ye weighed in on the evolution of China’s entrepreneurial ecosystem with Wei Zhou, Founding Managing Partner of China Creation Ventures and Calvin Cheng, Head of Technology & Growth Banking Group at East West Bank.
Ye offered a detailed explanation of risk management specific to retail finance in the digital age. “Risk control is always the most critical yet tricky part of finance,” he said. In what has become known as a “Mickey Mouse” dilemma among industry insiders, financial organizations are caught between a strong push to enlarge customer acquisition and the unpleasant consequences of grappling with higher bad loan ratios and greater difficulty in post-loan management, Ye claimed.
To reduce the impact of this dilemma, Ye noted that there is a need to deploy big data-powered risk management technology within financial services. The goal is to reconcile the need to acquire customers with the urge to contain risks, enhance efficiency and lower the ratio of non-performing loans. Big data, algorithms and expert judgment are all required to avoid policy-making mistakes in this process, said Ye.
With years of experience in the fintech industry, Jianpu has been at the forefront of employing technology to help steer the digital transition of traditional financial institutions. As a champion of inclusive finance, Jianpu takes upon itself the mission to “become everyone’s financial partner.”
The decision to co-host the 2020 SFF fintech forum represents yet another effort by the Company to promote fintech innovation, openness and global collaboration. Going forward, the Company will capitalize on the synergies, continue to bolster cooperation with major stakeholders and contribute to global fintech development.
About Jianpu Technology Inc.
Jianpu Technology Inc. is a leading independent open platform for discovery and recommendation of financial products in China. By leveraging its deep data insights and proprietary technology, Jianpu provides users with personalized search results and recommendations that are tailored to each user’s particular financial needs and credit profile. The Company also enables financial service providers with sales and marketing solutions to reach and serve their target customers more effectively through online and mobile channels and enhance their competitiveness by providing them with tailored data, risk management and end-to-end solutions. The Company is committed to maintaining an independent open platform, which allows it to serve the needs of users and financial service providers impartially. For more information, please visit http://ir.jianpu.ai.