Fintech has moved from the innovation fringe of the financial services sector to become the engine of its growth.
So said Ye Wangchun, Chairman and CEO of OneConnect Financial Technology, a leading technology-as-a-service platform provider.
Ye made his remarks at the fourth annual China Digital Banking Forum, which OneConnect co-organized with the Internet Finance Association of Small and Medium-sized Banks, China Banking Magazine and the Shenzhen Banking Association, under the guidance of the China Banking Association and the Shenzhen Municipal Financial Regulatory Bureau.
“It is widely recognized in the industry that banks should accelerate the strategic layout of the development of fintech, which has become a driving force for small and medium-sized banks to adapt to the digital economy,” Ye said. “The global fintech adoption rate increased from 16% in 2015 to 64% in 2019, and the rate for China now stands at about 87%.”
The forum attracted about 300 industry experts, scholars and media professionals to share insights on the digital transformation of banks and how technology has become a major driver for them to enhance the quality and efficiency of their financial services. The event aims to be an influential platform for regulators, banks and financial technology firms to exchange ideas and advance potential cooperation.
Fintech transformation is moving from “making spare parts to manufacturing the entire vehicle,” Ye added. The Internet Finance Association of Small and Medium-sized Banks “aims to become the most valuable platform for banks to exchange ideas and cooperate to realize digital transformation” by effectively integrating the resources of its partners into the ecosystem to promote more cooperation and interaction among all players in the industry.
China’s economy is moving towards a new pattern of development, as the digital economy has gradually become the main driver of the economy, starting with the comprehensive transformation of the financial industry.
OneConnect has enabled many financial institutions to initiate digital transformation and has accumulated rich first-hand experience, Ye said.