Chen Huan: We Should Recognize The Three Point Relationship Between Inclusive Finance And Financial Technology.

In July 30, 2016, the sixth Shanghai new financial year and the third Internet finance the Bund summit were unveiled in Shanghai. The conference brought together more than 100 experts from the Internet financial regulatory departments, industry and academia, and attended nearly five hundred guests.

On the first day, Chen Huan, chief strategy officer of Yixin company, was invited to attend the theme forum of "Inclusive Finance 2". He discussed the development and practice of Inclusive Finance with Peking University Huang Yiping, CF40 senior researcher Xie Ping, governor of Shanghai Pudong Development Bank Liu Xinyi, India PAYTM company founder and CEO Vijay Shekhar Sharma and other industry experts and scholars.

Yixin, chief strategy officer

In recent years, the concept of "financial technology" has become the most popular topic nowadays. In the practice of Inclusive Finance, "financial technology" is playing an increasingly important role.

Not long ago, Yixin company and Harvard Business Review jointly launched the "Pratt & Whitney financial practice in China: technology driven change" report that "the new practice of Inclusive Finance uses big data, cloud computing, knowledge mapping technology to achieve a comprehensive upgrading of risk control, credit management, product design and customer experience."

"Financial technology has played a very important role in promoting the development of Inclusive Finance, but to recognize the three relationship between Inclusive Finance and financial technology", Chen Huan emphasized the relationship between financial technology and Inclusive Finance.

Financial technology improves coverage of Inclusive Finance

Chen Huan pointed out that, "traditional financial services need people to face to face communication and other ways, but through scientific and technological means, such as the use of smart devices mobile terminals, service touchability and coverage has been widely promoted, which is a very important foundation for Inclusive Finance."

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(CNNIC) the statistical report on the thirty-seventh development of China's Internet Network released by Mr Hui shows that as of 2015, the number of Internet users in China reached 688 million, and the Internet penetration rate was 50.3%.

Among them, the number of Chinese mobile phone users reached 620 million, and rural netizens accounted for 28.4%, with a scale of 195 million.

The popularization of intelligent terminals provides scientific and technological support for the development of Inclusive Finance.

In December 18, 2015, the P2P platform of Yexin company, which is based on the New York Stock Exchange, is based on mobile Internet technology. Individual users can apply for loans through the "extreme speed mode" of APP, which is suitable for loan and loan. It only takes 10 minutes from audit to loan, which is more convenient and quick to enjoy the changes brought by "Inclusive Finance".

As of March 31, 2016, the loan has helped nearly 300 thousand borrowers to solve the demand for funds, accumulative total of nearly 600 thousand lenders, and has accumulated a total loan amount exceeding 15 billion yuan.

Financial technology improves the availability of Inclusive Finance

Yi Xin Pu Hui is an early business practitioner of China's "Inclusive Finance". One of the difficulties in its business development is to solve the financing difficulty, that is, the availability of funds.

In addition to the touches used by the public, there is also institutional touch.

Chen Huan pointed out that risk assessment is a very important part of Inclusive Finance.

Chen Huan pointed out that the traditional way can not make accurate credit evaluation and judgment to the borrower, but it passes through.

By means of big data, we can get the digitalized information of customers, such as personal situation, social data, past paction records, past usage behavior, etc. through comprehensive analysis, we can make evaluation and judgement, so that people who have not been able to serve in the past have the chance to get service.

"Therefore, from the perspective of coverage and availability, financial technology can be a great help to Inclusive Finance."

Chen Huan said.

Financial technology has limitations on Inclusive Finance. However, after the use of financial technology and other means, there has been some positive changes in Inclusive Finance. However, Chen Huan still points out objectively that "for financial development, financial technology still has some limitations and there will be a" digital divide ".

Chen Huan then expressed his limitations in three aspects.

1. When we emphasize digitalization, we ignore a group of people who are not familiar with digital equipment, or even have no digital digital equipment.

Therefore, if too much attention is paid to the use of digital services, a considerable number of people will be ignored.

Two. When doing risk assessment, when data are too emphasized, data obtained by the company may not fully and comprehensively reflect the overall picture of users.

This is also an aspect that should be paid special attention to when financial technology is used to make Inclusive Finance and risk assessment.

Three. Our country's overall financial popularization education and investor education are relatively imperfect. Under such circumstances, financial fraud is easy to exist in digital finance and digital equipment.

However, in view of the "digital divide" phenomenon in the development of financial technology, Chen Huan also issued a "prescription".

Under such practical conditions, we need not only digital technology but also some traditional ways.

Chen Huan pointed out that "only by making better use of online and offline ways to do well in customer financial education, can we provide better inclusive financial services to everyone.

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