Recently, Chengdu held a conference on the development of financial technology industry. People in the industry took the development of financial technology as the breakthrough point, focused on the new trends of the industry, and discussed the depth and breadth of the development of financial technology industry.
At the meeting, Zhang Chudong, vice chairman of KPMG China and managing partner of financial industry in Asia-Pacific region and China, said that the Millennium is a turning point, and innovation is passed down. As an innovative highland of financial technology in western China, Chengdu’s rise in the field of financial technology in recent years is obvious to all. The vigorous development of digital economy provides favorable conditions for the innovation of financial technology; Many famous universities provide a large number of financial science and technology talents for the industry; As the core node and communication hub of the national network, Chengdu has provided a sound infrastructure for the development of the industry.
Zhang Chudong believes that these advantages constitute a solid cornerstone for the development of financial technology and promote Chengdu’s rapid and steady growth in the field of financial technology. KPMG has always placed the innovation and development of financial technology at the strategic forefront, and fully supported the innovative practice of financial technology. It is believed that KPMG and Chengdu will have more extensive and in-depth cooperation in the field of financial technology in the future to jointly promote the prosperity and development of the financial technology industry.
At the conference site, KPMG China released the Double 50 list of financial technology enterprises in 2023 and the annual trend report, among which the number of enterprises in Chengdu rose to 8, ranking fourth in the country. This report integrates the industry empowerment resources, combs the strategic advantages of special fields, and emphasizes the development trend of inclusive finance from "integration of numbers and reality" to "symbiosis of numbers and reality", hoping to promote the construction of China’s financial technology ecosystem.
At present, the rapid penetration of a new generation of information technology in various industries is the general trend, and the financial industry is the most important. Financial services have gradually evolved in the innovation and development of financial technology, which has opened a new situation of digital transformation and gradually become a new engine to promote the transformation and upgrading of the whole industry and the whole industrial chain.
Since the end of 2022, the explosive development of AI has brought huge imagination to the financial industry. KPMG’s latest report analyzes the nine trends of financial technology development in detail.
Trend 1: the development of financial big model will have a far-reaching impact on the paradigm of financial technology industry, and domestic manufacturers are actively developing the layout of financial big model; Trend 2: Science and technology investment pays more attention to output energy efficiency, and peer-to-peer science and technology output changes to ecological empowerment mode (integrated financial technology); Trend 3: AI helps wealth management innovation, and the core system of the organization is accelerated independently (wealth technology); Trend 4: Insurance technology has evolved into risk reduction management, and the service boundary (insurance technology) has been continuously expanded in combination with industrial upgrading; Trend 5: Digital symbiosis and digital platform services accelerate the development of inclusive finance (Pratt & Whitney Technology); Trend 6: Multi-parties join hands to expand the new blue ocean of supply chain finance, and scene product innovation is emerging (supply chain technology); Trend 7: Mobile payment innovation scenario application, cross-border payment opens up a new chapter (payment technology); Trend 8: regulatory technology is expected to improve regulatory efficiency with the help of large models (regulatory technology); Trend 9: A new round of development opportunities will be opened, and a big article on digital finance (platform technology empowerment) will be done with the tide.
Huang Aizhou, managing partner of KPMG China Financial Technology, said that in the process of digital transformation of the financial industry, there are unique advantages compared with other industries in the three pillars: algorithm, computing power and data, which are needed for the vertical model of the industry to land.
Among them, the data determines the intelligent scope of the big model, and the financial industry has mastered a large number of historical data and written materials, which provides natural convenience for the development of the big model of the industry; Financial technology enterprises have also formed their own unique solutions in the process of financial digitalization and intelligence in terms of algorithms and computing power. Huang Aizhou predicts that as the bottom big model changes from increment to stock stage, fighting for quality and landing will become the focus of competition, and the competitive advantage of enterprises on the reasoning side of the power model will be further revealed.