Over the years, the financial world has grown in numerous ways, with the most visible shifts occurring in the way traditional bodies have embraced emerging technology. This has been realized by Fintech organisations as the ideal jumping point for transitioning to a more developmental point of view.
The latest company to recognize the promise of fintech was OneConnect Financial Technology, with its Chief Executive, Ye Wangchun, creating major positive prospects. OneConnect’s head honcho gave his two cents on the rising fintech industry at the fourth annual China Digital Banking Forum.
The general consensus that Fintech developments could go hand in hand with traditional bodies was formed during the discussion. The Forum featured more than 300 industry experts, researchers and media professionals who were tasked with increasing the popularity of the fintech industry. Ye Wangchun told prestigious participants that major banking institutions need to accelerate their digital transformation strategies, which would go a long way towards creating an active trading ecosystem.
Ye believed that the Fintech industry had become a driving force in raising small and large-scale banks. Reports have shown that the rate of adoption by the Fintech industry has increased from 16 percent in 2015 to a total of 64 percent in 2019. China was the market leader in terms of fintech adoption, as the South Asian superpower had fintech tendrils in 84% of all industries. Ye made his statements at a time when OneConnect was making long-term expansions to regions like Malaysia. The company had also acquired a digital banking license from the Hong Kong Monetary Authority.
The CEO of OneConnect confidently claimed that the adoption of fintech was like moving from the production of spare parts to the creation of the entire vehicle. He also called for further involvement of the Internet Finance Association of Small and Medium-Size Banks in order to also monitor the rules and regulations. One of the main agendas of the forum was to bring together the brains of the dignitaries and to find solutions to the current financial situation.