Leading the New Era of Digital Data: Blockchain Innovation in China

China has been experiencing an economic miracle in the last few decades. The demand for financing has never been higher because of a booming economy. The financial industry is currently undergoing some revolutionary changes. Despite the success of e-commerce, China has been leading in the field of blockchain technology, artificial intelligence and fintech. In this panel, the three speakers discussed and delved into the prospect of fintech in China.

Mr. Yang Du noted that the explosive development of fintech and e-commerce brought great convenience to consumers as well as opportunities to businesses and young entrepreneurs. Mr. Du took the Greater Bay Area as an instance, emphasized the significance of embracing technology to boost regional economic growth.

 Ms. Xin Chen compared the development of fintech and green finance in two distinct countries - China and the UK. She argued that legal requirements and local business culture are two primary factors, which determine the applicability of fintech innovation. With reference to these two factors, she justified why some UK financial institutes failed to develop as well as their expectations. With regards to green finance, Ms. Chen emphasized the positive correlation between sustainable economic growth and environmental situation, calling on industry giants to not neglect the impacts of environment.

 Mr. Bo Ji agreed on the amount of convenience banking sector brought to consumers, however, he argued that the rate of expansion of fintech industry indeed indicated a lack of innovation in the banking sector. Through analysis and comparison of fintech development in the China and the EU, Mr. Ji noted that fintech companies not only needed to be concerned about technology innovation, but more importantly, the true demand of consumers. “They need to be closer to the people” he said.

Mr Yang Du

Mr. Yang Du is the Managing Director and Head of Asset Management at the China Securities International. Yang leads the fixed income and equity strategies particularly focused on serving the Chinese investors in overseas markets. He had 13 years of experience of studying and working in the UK. Previously, Yang worked as the Partner and Managing Director at Yaozi Asset Management Co., LLP, he also served Thomson Reuters as Director of the RMB and China Strategy as well as Head of the China Desk. Mr. Yang Du contributed significantly in making the UK an RMB offshore centre. He has been pivotal in building the RMB community in London where he co-founded the RMB Interest Group in 2013. His proven expertise and reputation in the field of RMB internationalization is a major influence in the UK and beyond. In 2015, Yang was awarded the Chinese Business Leaders Award for International Contribution. He is a frequent speaker at global conferences and visiting professor at the University of Cambridge.

Ms Chen Xin

Ms. Chen Xin has over 27 years of experience in the financial industry, including 20 years in the Central Bank of China, out of which 13 of were spent in the UK. She has successfully established three institutions in the UK, including Shanghai Pudong Development Bank London branch where she is currently the General Manager. Chen engages in whole workflow management of FX reserves from front to back offices, the application and management of commercial  bank’s overseas institutions, and the preparation and operation of overseas asset management firms. Chen was also a former managing director of different divisions within the Foreign Exchange Reserve Management Department in SAFE.