GUANGZHOU, China, Dec. 11, 2017 /PRNewswire/ -- Ning Tang, Founder and CEO of CreditEase, attended the 2017 Fortune Global Forum on December 6-8 in Guangzhou. With the theme of "Openness & Innovation: Shaping the Global Economy," the Global Forum convened world leaders, senior executives and prestigious scholars to discuss the dynamic frontiers of international commerce.
FinTech promising in China
Tang stated that the Chinese FinTech industry still sees great potential in the coming decade represented by development in applications such as microloans for SMEs, crowdfunding, robo-advisory, insurance technology, and blockchain products and services.
Although some Chinese marketplace lending platforms have built effective credit reference systems by using big data or other sources with customer authorization, Tang urged to expand investment in infrastructure due to the growing domestic market to realize industry-level credit data gathering, sharing and exchanges.
CreditEase, a pioneer in FinTech globalization
As a forerunner in FinTech globalization, CreditEase FinTech Investment Fund has become the most active FinTech investor in the US market, overtaking local competitors like Goldman Sachs or Morgan Stanley with remarkable success.
"The fund boasts the biggest number of projects compared with other FinTech investors in the US and their performance has been proved distinguished," Tang said, adding that every US FinTech enterprise invested by the Fund, except one still "low-flying", were in "the FinTech 250" of 2017, an annual list of most promising FinTech companies named by CBInsights.
Innovation needs patience
Tang advocated for a support system in the coming decade to scale up the innovation in China. He stressed that education is key to build an innovation-driven economy for instance by giving college students more access to innovation. He also called on the financial system to help fuel innovation and real economy.
"We need more angel investors who can fund startup companies as well as coaching them as advisors and consultants, also we need more VCs and Fund of Funds that can give longer-term capital," he noted. "Long term investment is very much necessary, so we want investors to be longer term."
Moreover, Tang called on companies to cultivate the innovative spirit by allowing or even encouraging employees to make "good mistakes" as long as they plan well, execute well, and reflect well.
About CreditEase - Better tech, better finance, better world
CreditEase is a Beijing-based leading FinTech conglomerate in China, specializing in inclusive finance and wealth management, in addition to payment technology, marketplace lending, crowdfunding, robo-advisory, insurance technology, and blockchain products and services. CreditEase actively engages with global FinTech innovators through business incubation, commercial cooperation and investment.