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Experience of Fintech Development in China and Japan and Policy Options (No.161, 2017)
2018-11-07
By Yu Lu & Chen Zheng, China Center for International Knowledge on Development (CIKD)
Research Report, No.161, 2017 (Total 5436) 2018-9-21
Abstract: The China-Japan Capital Market Roundtable Conference was held in Hangzhou, Zhejiang province from June 29 to 30, 2018. The two sides exchanged views on issues relating to financial systems, awareness of venture capital, cultural tradition, population structure and governmental support and held that China is taking a leading position in fintech field. Experts from both sides believe that fintech can exert positive effects on promoting inclusive finance, innovating business modes and improving risk control capabilities. However, they also indicate that fintech will make financial market become more complicated, increase financial risks and may lead to disclosure of personal information. In a bid to make fintech’s performance in the two countries develop in a sound and sustainable manner, the two sides propose to encourage innovation in practice, promote cooperation between traditional financial institutions and fintech companies, implement moderate supervision, explore advanced technologies and approaches for regulation and cultivate more technical personnel. In addition, relevant mechanisms need to be improved and safety of clients’ assets and private information should be protected through advanced information technologies. The two sides agree to use the conference as a platform for future dialogues and exchanges, innovate conference forms and deepen communications and cooperation in fintech field for common development.
Key words: fintech, new technological revolution, financial industry, banking industry
