President of Ant Financial Service: Blockchain has become the core "technical" capability of ants

Zhongxin Jingwei Client September 22nd, September 22nd, at the 2019 Special Forum “Future of Financial Technology and Small and Micro Loans” held at Wudaokou, Tsinghua University, Hu Xiaoming, President of Ant Financial Service, pointed out that technology innovation financial productivity, future finance The center must be a technology center. He believes that the acceleration of China's current financial innovation has slowed down, and should increase support for innovation to ensure that China maintains a global leading position in financial technology.


Ants Jinfu President Hu Xiaoming

Hu Xiaoming, President of Ant Financial Service: The future financial center must be the technology center

Ant Financial is a leading company in China's financial technology. Because it is good at innovation, its star product Alipay has become one of the "new four inventions" that foreigners want to bring back to China because it promotes the development of China Mobile Payment. Yu'ebao opened the first place in Internet financial management; the “310” small micro loan (3 minutes application, 1 second loan, 0 manual review) model became a solution to solve the financing difficulties of small and micro enterprises.

Hu Xiaoming pointed out that the Internet, big data and computing power are the cornerstones of ant's financial innovation; data intelligence, intelligent risk control, blockchain and biometrics are the four "technical" capabilities, which is the integration of ants' financial services in the entire financial technology. The chassis of the application. He emphasized the importance of Ant Financial in intelligent risk control with a set of figures: 30% of ants' financial services come from financial institutions, and technicians account for 60%. Today, Alipay and its partners are able to serve more than one billion users worldwide, and intelligent risk control capabilities are critical.

Hu Xiaoming said that financial technology must follow two basic logics: First, risk management is at the core. Second, with Pratt & Whitney as the initial heart, it complements the current financial system. "Some people say that the logic of the 310 loan has not been verified by economic cycle fluctuations. We have been doing it for ten years, and today we have served nearly 20 million small and micro-operators, and we have issued a total of 3.6 trillion loans, with a non-performing rate of only 1.5%. Online financial risk management capabilities." Hu Xiaoming said.

In fact, innovation and supervision have never been a contradiction. Taking China Mobile Payment as an example, it is precisely because of the environment of inclusive supervision for many years that mobile payment can become a Chinese business card today, and even empowered countries along the “Belt and Road”.

Hu Xiaoming believes that this phenomenon shows that China is promoting the development of global technology finance, which may bring about the emergence of new financial centers. “The US financial center was originally in New York, and later appeared in Silicon Valley and Seattle. China’s four financial centers are now Beijing and Shanghai, and the next two new centers will come out, Hangzhou and Shenzhen.”

Whether China's financial center can become a global financial center will also depend on China's leading position in global financial technology. Hu Xiaoming admits that at present, the United Kingdom, Singapore and other countries are vigorously investing in technology. In recent years, the acceleration of financial technology has slowed down in recent years. Some changes have been encountered in the balance between technological innovation and risk management. It is worthy of industry and supervision. Thinking. “Singapore proposes that regulation must not be preceded by financial innovation. If regulation goes before financial innovation, there is no innovation.”

Hu Xiaoming pointed out that in 2018, there were 18 technology finance companies in the United States, 17 in London, and 11 in China. In the future, China should have more financial technology companies than Europe and the United States. Innovation is the only driving force to drive development. "Innovation is not a disaster. Adhering to financial innovation and risk management is the only way to develop science and technology finance. We use innovation to control risks. Only technology can drive the development of financial productivity." Hu Xiaoming concluded.

The original text is from Zhongxin Jingwei: