It might not be fintech to the rescue as regards Covid-19, but how the industry can be best used after the pandemic is on the minds of several industry bodies in the region.
And as part of their efforts to promote fintech solutions in the post-pandemic era, the Financial Services Blockchain Consortium Shenzhen (FISCO), Singapore FinTech Association, FinTech Association of Hong Kong and Shenzhen FinTech Association organized the “Financial Digitalization & Fintech Evolution in the Wake of COVID-19” webinar on June 23.
It was the first joint event conducted by FinTech associations in Shenzhen, Hong Kong and Singapore. Senior personnel from WeBank, Huawei and KPMG shared their insights on the trend of financial digitalization and FinTech evolution during the pandemic era.
Henry Ma, EVP and Chief Information Officer of WeBank, envisioned an emerging new pluralistic world paradigm, in which regionalization will become a new collaboration model besides globalization and localization. He suggested that digital banks based on leading-edge technologies would become a “new normal” of finance, regionalized fintech innovation would rise to the focus in the future and fintech could quickly promote and enable more inter-industry digitalization & integration in the era of pandemic.
Chen Kun Te, Chief Digital Transformation Officer of Global Business at Huawei laid importance on the trend of e-commerce, digital payment and super apps in terms of digital banking environment. “Banks should actively introduce new tech (5G, IoT, public cloud) on branch management and customer engagement with lower cost as well as higher efficiency”.
Dennis Gao, partner of Management Consulting at KPMG Southern China, believed that fintech is entering the regulatory-driven 2.0 era, and opportunities outweigh challenges for fintech since the outbreak of COVID-19. He shared his vision on the future trend of fintech in China, and suggested that adoption of fintech would increase in scale, and changes in application scenes are awaiting.
As well as the conference, FISCO and the Singapore FinTech Association (SFA) signed a virtual strategic partnership agreement to enhance the cross-border fintech collaboration between Shenzhen and Singapore. In the future, they plan to bring more insights from industry leaders on the development of the fintech to the audience.