Former Director of the Board of Supervisors of State-owned Financial Institutions of the China Banking and Insurance Regulatory Commission: Financial supervision still needs to be strengthened, and blockchain is the direction of financial technology innovation

Recently, at the 18th China Economic Forum's "Technology Innovation Drives Industry Transformation" sub-forum, Chen Weigang, former director of the State-owned Financial Institutions Supervisory Board of the China Banking and Insurance Regulatory Commission, pointed out that financial supervision will be gradually strengthened in the future. Chen Weigang believes that the current fintech innovation should make more efforts in the subversive science and technology field in the future. Blockchain may be an important development direction of future fintech, and it is also the third generation product of network technology.
"The first generation of products is the Internet, which solves the problem of communication between people; the second generation of products is the Internet of Things, which solves the problem of communication between people, and how people manipulate objects, such as unmanned driving Automotive; the third generation is the blockchain. The blockchain is applied to finance, such as risk management of small and micro enterprises. It is entirely possible to use supply chain finance to increase the trust between affiliated companies. "Chen Weigang said," Digital currency It is also a blockchain technology. The use of digital currencies can greatly reduce the transaction costs and improve the efficiency of foreign trade. At present, foreign trade, the system used by our country is all American (SWIFT) system. This system was established in 1973. The world uses this system. Whether it is export business or import business, they have to use this system for settlement. People make a lot of money from it. After we have a blockchain, we will not be restricted by it when we do business with foreign countries. This is always a direction of effort. "