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IDF Annual Report: Qualified Digital Financial Enterprises May Apply For Bank Licenses

From November 3 to November 4, 2017, the 2nd Annual Conference of IDF (Institute of Digital Finance, Peking University) was held at Peking University. The theme of this conference is “The Chinese Era of Digital Finance”. The meeting is co-sponsored by NSD (Peking University National School of Development) , SFI (Shanghai New Finance Institute) and Lufax (Shanghai Lujiazui International Financial Asset Exchange) with academic support from CF40 (China Finance 40 Forum).


IDF 2nd Annual Conference (photo credit: sohu)

The rapid development of information technology has provided new opportunities for China’s financial reform. Some Chinese financial technology companies have taken the lead in the world with their products and technologies. Traditional commercial banks are also exploring ways to serve customers more efficiently and conveniently through cutting-edge technologies. However, digital finance has brought new risks and new challenges for regulators and the industry. What is the experience of digital finance in China? What is the current status of digital finance in supporting the real economy? How to deal with the challenges in the digital finance development process? How to effectively regulate digital finance? In response to the hot topic, the participants held a full and enthusiastic discussion.

IDF has released three annual reports on the meeting:

  • Supporting Entrepreneurial Economic Development with Digital Finance
  • Improving Rural Financial service with Reform and Innovation
  • IDF&SFI: 2017 Fintech Report of USA

In the theme report of IDF:Supporting Entrepreneurial Economic Development with Digital Finance, seven policy recommendations are proposed as follows:

1. The reform and opening up of financial markets should be pushed forward along with relevant reform in some fields. Increase the proportion of direct financing in the community and encourage the digital transformation of traditional financial institutions.
2. Improve the infrastructure bottlenecks in digital finance. Promote data disclosure in the public sector. Establish a unified national platform for collecting credit information, and establish credit information access standards and interconnection rules.
3. Support basic scientific research and technological innovation in digital finance and strengthen digital financial personnel training.
4. Implement penetration regulation in digital finance sectors. Establish business license requirements for Fintech companies. Allow qualified digital financial enterprises to apply for bank licenses.
5. Strengthen digital financial transaction security, data security, personal privacy protection and the protection of the rights and interests of investors and lenders, and improve corresponding laws and regulations.
6. Use digital technologies to improve financial supervision capacity and maintain balance between innovation and risk.
7. Bring digital finance into monetary policy and macro-prudential financial regulatory framework.

The institute of Digital Finance of Peking University (IDF) was established in October 2015. Currently it is affiliated to the National School of Development (NSD) at PKU. IDF is committed to carrying out academic research in the realms of digital finance, inclusive finance, financial reforms, etc., providing authoritative results of scientific research for the society, theoretical guidance for the development of relevant industries as well as scientific reference for the decision-making process of the government.

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