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The Position and Role of Financial Technology Companies in China’s Modernization of Its Financial System (Special Issue, No.51, 2019)
2019-09-10
By Sun Fei, Research Team on “China’s Financial Technology: Status-quo, Trends and Development Strategy”, Research Institute of Finance, DRC
Research Report, Special Issue, No.51, 2019 (Total 1679) 2019-7-31
Abstract: In recent years, China’s financial technology companies have developed rapidly to stand in the forefront of the world in terms of size and strength. However, at the same time, its development also contains a large number of new risks, which bring impact and challenges to China’s financial security and financial supervision. Based on a detailed analysis of the connotation, classification and challenges of financial technology companies, this paper puts forward the following views. China’s financial companies play an indispensable and important role in our country's modern financial system building, with their business permeating all the links of financial institutions, financial markets, and financial services. They are the service providers in the modern financial system and serve as the lubricant and accelerator to enhance the capability of finance in serving the real economy. In this process, financial technology companies should focus on playing their roles in three key aspects. First, these companies need to cooperate with traditional financial institutions to achieve win-win results and promote the healthy development of financial business forms. Second, they need to accelerate the research and development and application of financial technologies to improve the quality of inclusive financial services. Third, they should continuously optimize the financial infrastructure and enhance the operational efficiency of the financial system.
Key words: financial technology companies, modernized financial system, position and role
