Themed as "New Development with Sustainability", the 2021 International Forum for China Impact Investment (IFCII) was held in Shanghai on July 16. Xiaochuan Zhou, President of China Society for Finance and Banking and former Governor of the People’s Bank of China attended the forum and delivered a themed speech. Summarized by the researchers of China Inclusive Finance Institute (CAFI), here are key points of speeches of the forum.
• Xiaochuan Zhou, President of China Society for Finance and Banking and former Governor of the People's Bank of China delivered a speech "Technology Development and Inclusive Finance Technology Pathway". Xiaochuan Zhou believes that inclusive finance is an important poverty reduction instrument and a social responsibility of financial institutions.
• The advancement of communication technology, data storage and processing technology has reduced the cost of inclusive finance which can provide financial services to more people. The traditional technology is based on bank accounts. At present, the cost for opening an account is virtually zero and the risk is controllable, as it mainly comes from the financial services based on bank accounts. With the popularity of bank accounts, the collection and payment can be provided first, then the basic pension insurance, medical insurance, and life and production insurance for farmers and herdsmen in poor areas. Finally, the loan business can be better developed in places with sound credit information system.
• In the new era of economic development when big data is widely used for financial business, privacy protection has received widespread attention. While protecting personal privacy through legislation, we should realize that a large amount of data has been lost, stolen or even traded. To protect consumers’ rights and interests and promote inclusive finance, we can classify accounts and manage accordingly to avoid fraudulent activities.
• While making full use of the new opportunities brought by technologies, financial institutions should take the responsibility to choose an inclusive finance pathway with all risks considered and prudence; a special attention should be placed on the effectiveness of services for the real economy.
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