SHANGHAI, Nov. 28, 2016 /PRNewswire/ -- The 3rd World Internet Conference was held from November 16 to November 18 under the theme "Innovation-Driven Internet Development for the Benefit of All - Building a Community of Common Future in Cyberspace". Internet giants home and abroad gathered in Wuzhen Water Town to share and discuss the internet economy, internet culture, internet governance, international cooperation on the internet and other such topics.
Differing from the previous two editions of the World Internet Conference, this edition featured an emphasis on financial technology. The subject was touched upon in various forums on topics such as the digital economy, internet+inclusive finance etc. Regarding this change, the leader of the domestic financial technology market, Soul Htite, Founder and CEO of Dianrong.com, believes that the gradual rise of financial technology, which has replaced internet finance since the time it entered hibernation after a tightening of policies, is a small spark capable of setting an entire field ablaze.
"This World Internet Conference has cast the world's attention on China, and has allowed financial technology companies in China to come into prominence and be promoted to the world," Soul said.
China's Financial Technology Goes Global
A clear trend in this edition of the World Internet Conference is the government's active support for innovations in the financial industry and the financial technology revolution that is developing rapidly in China.
Not long ago, a research report from KPMG reported that the financing for financial technology companies in China, which came from venture capital support, was US$2.4 billion in the first quarter of 2016. This accounted for 49% of the global investments in financial technology during that period, which is as large as the combined total of North America and Europe. Furthermore, this market is just in its early stages.
Soul also thinks that China's financial technology companies are currently leading the global revolution in financial technology through their constant innovations and expansion in scale, as well as their expansion abroad.
"Financial technology companies can help business users. In the future, more enterprises will choose to cooperate with financial technology companies that offer better services. Financial technology companies that go global will have an advantage in acquiring business users from large multinational companies," Soul said. Currently, Dianrong.com has started its foray into the international market, with its first entry in Korea.
Prior to establishing Dianrong.com, Soul Htite co-founded Lending Club (LC) in the U.S. and was its former Chief Technology Officer. With Soul's international background and technological experience, Dianrong.com has been equipped with a forward-looking internationalization strategy, as well as a powerful technological system.
Financial Technology Driving the Realization of Inclusive Finance
Apart from the various new and high-technology products in this World Internet Conference, much attention was placed on the "Internet+Inclusive Finance" forum that concerns hundreds of millions of ordinary people. At the conference, Pan Gongsheng, Vice President of the People's Bank of China, expressed that a system of policies would have to be established in order to encourage the development of Internet+Inclusive Finance. These policies would create a favorable policy environment for the development of inclusive finance.
With regard to this, Soul Htite believes that what is known as digital inclusive finance, would actually be the use of digital means to improve the efficiency and scope of financial services. "The purpose of inclusive finance is to allow more people, especially low-income earners and small and medium-sized enterprises, to enjoy financial services and meet their financial needs. It is difficult to achieve the realization of inclusive finance by relying solely on traditional financial institutions. Large data risk management, online review and approval, automatic disbursements and other technological means, will undoubtedly drive the actual realization of inclusive finance." Soul said, "Driving the realization of inclusive finance through the use of financial technology has always been the direction that Dianrong.com has diligently maintained."
Dianrong.com has been effectively meeting the financial needs of people outside the traditional financial system by using international cutting-edge online lending technology. With its "Group Investing - TuanTuanZhuan" as an example, Dianrong.com has established a collection of financing demand information that meets the lending standards of the same type of lenders. Through the real-time matching transaction service function, loan funds are spread out to match the massive loan demands that meet the lending standards of the lenders, thus enabling investors to diversify their investments with a better peace of mind and facilitating lower-cost financing for borrowers.
Not long ago, Wu Cheng, Vice Mayor of Huangpu district, Shanghai, and Chen Zhuofu led a team to Dianrong.com's headquarters to do a study and conduct research. As an affirmation to the development of Dianrong.com, they said, "Dianrong.com has thoroughly expressed the concept of inclusive finance.