"The Greater Bay Area, as one of the most open, dynamic, and competitive world-class city clusters, is well-positioned for developing Fintech and inclusive finance."
—— Keynote by Zhang Qingsong, Deputy Governor, People's Bank of China
Zhang Qingsong, Deputy Governor of the People's Bank of China, shared his observations about inclusive finance empowered by Fintech in Mainland China.
He stated that over the years, the People's Bank of China (PBoC) has attached great importance to Fintech as a technology-driven financial innovation that has become a key engine for promoting inclusive finance in the digital economy.
He shared the PBoC's practices to promote inclusive finance through Fintech, such as guiding financial institutions to build digital business systems underpinned by data and computing power. Zhang also focused on micro and small businesses (MSBs), detailing how PBoC has helped them use Fintech to develop financing plans based on differentiated algorithms and establish digital risk control to improve credit approval and overall risk management. These processes have achieved tremendous results, with MSB loans reaching 29 trillion RMB and an all-time low in interest rates. He spoke briefly about how PBoC's digital technology features helped the elderly and people with disabilities to bridge the digital divide.
He noted that "Hong Kong is an international financial center, as well as an innovation and technology hub. The Greater Bay Area, as one of the most open, dynamic, and competitive world-class city clusters, is well-positioned for developing Fintech and inclusive finance."
Finally, he announced that PBoC will sign a tripartite MoU with the Hong Kong Monetary Authority and the Monetary Authority of Macau to further strengthen regulatory cooperation on Fintech innovation in the GBA.
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