Fintech is driving the development of the Greater Bay Area
The 2023 Mingzhu Bay Finance Summit kicked off in Guangzhou in southern China on Saturday. The three-day event is held under the theme of “Building a New Fintech Highland in the Guangdong-Hong Kong-Macao Greater Bay Area.”
Several experts provided advice on the future development of finance and technology in the Greater Bay Area. Huang Qifan, former mayor of Chongqing, believes that the industrial internet has become an important direction of development for the digital economy of the future. Industrial digital finance, or the practice of digital transformation in traditional industrial finance, contributes to systematically solving the financing problems of micro, small and medium-sized private enterprises in the industrial chain. It is also an effective way to help companies resume production after the pandemic, he added.
The digital transformation of small and medium-sized financial institutions still faces challenges, said Tu Guangshao, former executive vice mayor of Shanghai. He offered some suggestions on how to address the challenges, including urging regulators to establish a unified data management system for the industry, and small and medium-sized financial institutions should work together on transformation.
Zhou Yanli, former vice chairman of the China Insurance Regulatory Commission, advised on the digital development of fintech and insurance institutions in the Greater Bay Area. It is important for the insurance industry to promote digital transformation of insurance institutions, he said. He called for the acceleration of digital transformation of insurance operations and management, and further accelerating the innovation and application of digital technology.
The summit officially released a report titled “Development Opportunities, Challenges and Prospects of Digital Finance” in the Greater Bay Area. It summarized the benefits and status quo of developing the digital economy in the area, as well as specified challenges and future development directions.
Innovation in technology and finance is the important direction for the future development of the Greater Bay Area. The People’s Bank of China, the China Banking and Insurance Regulatory Commission and other institutions jointly issued guidelines for financial support for the construction of the Hengqin Guangdong-Macao In-Depth Cooperation Zone and the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone. This has provided solid financial support for the development of the Greater Bay Area.
In addition, Chief Executive of the Hong Kong Special Administrative Region John Lee Ka-chiu visited Guangzhou and Shenzhen on Thursday. He also highlighted the development of collaboration in technology innovation and finance in the Bay Area.
