Jointly meet the new challenges of digital and intelligent finance and build a new ecosystem of coordinated development

With the rapid development of technology, the digital economy and technology finance have become the main themes of The Times. Against this backdrop, the financial industry is confronted with extraordinary new challenges in digital intelligence, while also presenting a major opportunity to build a new financial ecosystem.

I. Digital technology drives financial transformation

The development of the digital economy and technology finance is an inevitable choice to embrace the new round of technological revolution and create a new technological economic paradigm. With the help of digital technology, the cost of financial services has been reduced, the problem of information asymmetry has been alleviated, and elements such as funds, information and figures can flow freely and be effectively allocated. The quality of financial services has been continuously improved.

Emerging technologies represented by artificial intelligence (AI) are driving profound social changes and reshaping the financial ecosystem. For instance, AI can serve various terminals in an open form, accelerate the intelligent transformation of the financial industry, reduce the cost of financial tools and services, enable ordinary people to benefit, and promote the development of innovation and inclusive finance.

Ii. Prospects of the Integration of Data Elements and Finance

The integration of data and finance has broad prospects. When data assets are managed more standardly, their potential for financialization will be further unleashed. However, for financial institutions, this requires not only addressing the cost issue of managing massive amounts of data but also possessing the ability to process data intelligently.

Li Hongguang, the chairman of Shenzhen Data Exchange Co., LTD., believes that from the perspective of the development stage of financial institutions, they are expected to be the first to enter a data-driven state, and the value of data will be further explored and enhanced.

Iii. International Cooperation and the Development of Fintech

In the era of digital intelligence, enhancing international cooperation is of vital importance to the development of fintech. Zhang Wencai, the Executive Vice President and CEO of the World Bank, pointed out that technology is a powerful tool for enhancing financial efficiency, reducing poverty and improving economic resilience. In this process, international cooperation is indispensable.

Through international cooperation, advanced technologies and experiences can be shared, promoting the balanced development of fintech on a global scale and jointly addressing global financial challenges.

Iv. Discussion on Industry Activities and the New Financial Ecosystem

A variety of forums and activities related to financial technology are constantly being held, providing a platform for communication and cooperation for industry insiders.

For instance, the parallel forum "Advocating Responsible Finance Concepts and Jointly Building a New Digital Finance Ecosystem" of the Global Fintech Conference of the 2023 Financial Street Forum Annual Conference, hosted by the China Internet Finance Association, brought together experts and scholars from all walks of life at home and abroad, including government, industry, academia and research, to deeply discuss related topics.

V. Future Prospects for Jointly Building a New Financial Ecosystem

Under the wave of the digital economy, the government, banks and enterprises should work together to create an open, collaborative and win-win new financial ecosystem. All parties should give full play to their own advantages, strengthen cooperation and jointly explore how digital technology can inject new impetus into the high-quality development of finance.

Through joint efforts, we can draw a beautiful blueprint for the future development of digital finance and achieve sustainable development and innovative upgrading of the financial industry.

In conclusion, jointly meeting the new challenges of digital intelligence and building a new financial ecosystem are important missions for the current development of the financial industry. Only through the collaborative efforts of all parties and by fully leveraging the advantages of digital technology can the financial industry continuously innovate and develop, making greater contributions to the prosperity of the economy and society.