Business
Fintech—A Game Changer
How does technology transform finance?
By Lu Yan  ·  2017-05-27  ·   Source: | Web Exclusive

Experts exchange ideas at the forum on fintech in Beijing, on May 26 (COURTESY PHOTO)

A decade has passed since the Global Financial Crisis. Now the world economy has moved ahead of the shadow of deflation and towards the road to recovery. But challenges still exist in China—more risks have emerged in the post-crisis period, bad debts are rising, and the security market is in disruption.

In the meantime, as science and technology (S & T), as well as innovation is gaining momentum, the Internet, cloud computing, big data and artificial intelligence (AI) are reshaping the finance sector. The "new finance sector", making use of new technology, is providing public services that are available to all, has a low threshold and makes things more efficient.

"In the past few years, Internet finance is rising. Third party payment, online investment, peer-to-peer lending and other new things enable financial businesses to get in touch with more clients, be more transparent and increase their benefit," Zhu Min, former Deputy Managing Director of the IMF, said at a future financial innovation summit under the theme of "'New' Banks: An Age of Revolution", held in Beijing on May 26. The summit was organized by Cbnri.org, the Future Forum and Xiamen International Bank, providing a platform for renowned scientists, financial experts, engineers and entrepreneurs to exchange ideas and share them to people.

Zhu Min, former Deputy Managing Director of the IMF, delivers a speech (LU YAN)

The recent game of Go between AlphaGo and his human opponent, the 19-year-old Chinese prodigy Ke Jie has been a hot topic at the summit.

"Through the game we can see how smart a robot can be and what is mechanical thinking and mechanical learning," Zhou Jiangong, CEO of Cbnri.org, one of the summit's organizers, said in a speech at the summit.

It seems like AI and robots might replace human labor in many fields as they develop. Wang Huai, co-founder of Linear Venture, said he couldn't think of any service that can't be operated by machines. "When S&T develops to a certain stage, it is just like magic," Wang added.

Jiao Ke, CEO of Smart Finance, had a different idea: although he agreed that the development of AI is limitless, human beings will still figure out a way to achieve value. Instead of replacing human beings, he thought technology is there to free people.

"People said the industrial revolution would make people useless. Hundreds of years has passed, are people losing their manual work? No. people will always explore new grounds, rather than idling away," Jiao said.

Copyedited by Dominic James Madar

Comments to luyan@bjreview.com 

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