To expand its competitiveness, the financial technology sector should be prepared to serve the entire economy, financial insiders told a conference on Monday.

The fifth (2018) Financial Science and Technology Summit and Financial Technology Enabling Real Economy and Blockchain Landing Application was launched on Monday during the ongoing 20th China International Fair for Investment and Trade. The event attracted experts and senior executives from the financial industry to discuss the applications of financial technology to the frontiers of real economy and the latest trend in the industry.

"In recent years, financial technology has become the key area of focus in the financial industry," said Yao Zhiping, chief economic director of the Xiamen financial affairs office.

The trend of promoting reform and innovation in the financial service industry through cutting-edge technology such as big data, blockchain and cloud computing, and integrating fintech with the real economy, are becoming more and more obvious, Yao said.

Financial technology, or fintech, is a broad term for new technology and innovation that aims to compete with traditional financial methods in such services as banking and investing.

Cai Kailong, founder of Touch Wood, a venture capital management company, said that fintech is best considered a combination of traditional finance and advanced technology, which will drive new products and industries related to payments, deposits, loans and investments. "Fintech should serve the real economy so that it can maintain its vitality and long-term development," Cai said.

Li Ji, general manager of Xiamen Cross-Strait Equity Exchange, said that at present, fintech in China is developing rapidly with great impetus, and that emerging fintech and its business are continuing to grow. "In the next five to 10 years, there will be a upsurge for the Chinese financial industry to emerge as world renowned fintech companies," Li said.

As a new technology in the financial industry, the application of blockchain was also discussed.