FinUp co-founder Yang Fan advises FinTech firms on how to best expand abroad in tandem with the roll out of One Belt, One Road

PARIS, Sept. 18, 2017 /PRNewswire/ -- Themed as "Belt and Road: Building Synergy with EU Policies and Strategies", the Boao Forum for Asia Paris Meeting was held on September 14 and 15, 2017 in Paris, with "Finance and Innovation" the topic of one of the highly attended break-out sessions. Mr. Yang explained during the interview on September 14 that China's leading position in the global FinTech sector, combined with a strong level of competence when it comes to innovation, has helped the world's number two economic power develop successful business models, paving the way for it to further provide countries and regions targeted by the government's One Belt, One Road initiative with FinTech solutions and technologies.

The One Belt, One Road initiative is a catalyst to globalization, according to Mr. Yang. For Chinese FinTech firms seeking expansion beyond the home market and a wider presence around the world, helped along by favorable policy support from their own government, they need to build their own innovation-driven financial service ecosystem by leveraging technologies such as artificial intelligence (AI) and big data to enhance core competitiveness.

FinUp, a FinTech firm founded in 2013, has become an industry leader providing a wide array of online financial services under multiple brands, among them, iQianJin.com, an online lending infomediary platform, Money Station, an online credit loan information service platform, FinUp Credit, a micro lending information service platform, Benew, an AI-driven robot advisor investment platform, RenMai, a consumer finance platform, and FinUp Fast Car, a new product providing the financing for automobile leasing. In line with the idea of technology-driven financial services, FinUp is committed to providing loans and credit lines to individuals and relies on big data-based algorithms for collectng and developing statistics on individual financial behavior, reviewing and assessing personal credit histories, generating content recommendations as well as quantitatively investing in securities related to the internet, Mr. Yang explained.

FinTech firms must gain a deep understanding of user expectations to avoid divorcing themselves from what the market demands. It also behooves them to conduct in-the-field research and surveys specific to different regions, conditions and markets and efficiently communicate with local banks, internet financial firms and e-commerce operators and listen to what they have to say, in order to confirm the types of products and technologies that need to be launched and deployed locally.

Mr. Yang pointed out that in developed countries featuring well-established traditional financial systems, with the US as a prime example, there is little growth room for FinTech firms. China, where market penetration by traditional financial service providers is relatively lacking, coupled with a large population of merchants and individuals who are not properly served by traditional financial institutions, presents a huge opportunity for FinTech firms. In addition, information technologies such as mobile internet access have sped up the development of FinTech in the country. Southeast Asian countries, such as Indonesia and Vietnam, featuring less-developed financial systems, have a similar profile to China.

In developed countries with mature financial systems targeted by the One Belt, One Road initiative such as France and Germany, there are great opportunities for FinTech firms in terms of payment solutions and such markets are the upcoming destinations targeted by FinUp. However, these markets have put in place strict financial regulations, which mean FinTech firms considering the launch of services based on financial technology must pay close attention to assuring themselves of being in full compliance with local policies and regulations.

In line with the further implementation of the One Belt, One Road initiative, China needs to accelerate the progress of internationalization of the renminbi, as an important part of the plan to have the currency be an easy choice as the base unit for financial intermediation, stressed Mr. Yang. As a result, FinTech firms will be able to facilitate the roll out of the global expansion plans of their clients by providing platforms linking their domestic and overseas operations.

Mr. Yang added that the Boao Forum for Asia Paris Meeting provides a rare opportunity for government officials, corporate executives, financial professionals and members of the academic community from China, ASEAN, Europe and the rest of the world to be in the same place at the same time and exchange their opinions and ideas. FinUp aims to take the opportunity to gain a better understanding of the viewpoints of their international counterparts and stakeholders concerning the Chinese market and its place in the FinTech ecosystem, as well as share experiences and perspectives with insiders as a way of paving the way for future collaboration and the setup of an internationally interconnected financial system, while also contributing to further implementation of the One Belt, One Road initiative as well as to the overall development strategy for FinTech across Asia. 

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SOURCE CRI

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