Tripartite Partnership for a Better Future-ZIBS Signs MoU with Central Banking Publications for Strategic Cooperation
11 a.m. 7 May, 2019, London Time. Prof. Ben Shenglin, Dean of ZIBS, led the delegation of the FinTech CEO Program: UK Module to visit Central Banking Publications, a renowned financial publishing company in the United Kingdom, opening a new chapter for ZIBS’s overseas strategic cooperation.
David Pagliaro, Managing Director of Insight Group, Infopro Digital, which is the parent company of Central Banking Publications, extended a warm welcome to the ZIBS delegation. He shared that Infopro Digital values the in-depth cooperation with ZIBS, and briefed the delegation on the Group's history, status quo and long-term cooperation with China. Publisher Nick Carver and Editor-in-Chief Christopher Jeffery of Central Banking Publications were also present at the event.
David Pagliaro, Managing Director of Insight Group, Infopro Digital
During the visit, Prof. Ben Shenglin, AIF Vice Dean Prof. Li Youxing, and Central Banking Publications Commercial Director John Cook signed the MoU for strategic cooperation on behalf of the 3 organizations, marking ZISB’s newest step towards collaboration with the world's leading financial publishing group. Central Banking Publications, a global financial publishing company specializing in reports on central banks, financial regulation, payment systems, public debts management and international finance, has accumulated extensive influence worldwide since its founding in 1989. The signing of the MoU marks another milestone of ZIBS's internationalization strategy and increasing overseas influence.
The 3 parties signed the MoU for strategic cooperation
During the visit, Prof. Ben Shenglin, Adam Csabay, Leader of China Work Team and Chair of FinTech Consultative Committee at Central Banking Publications, Nick Vaughan, Data Infrastructure Architect at Bank of England, and Phillip Straley, President of Financial Network Analytics (FNA) led a panel discussion on the key issues related to FinTech, including its impact, opportunities and challenges, regulation and responsibility and global cross-field cooperation.
China-UK FinTech Panel Discussion
Phillip Straley pointed out that technology's “destructive” impetus for finance has brought not only some uncertainties and risks, but many innovations and breakthroughs. As a result, the financial market has more extensive access channels, and becomes more transparent. The attitudes towards financial regulation are more open and diverse. Globally, China has demonstrated strengths in developing FinTech, while financial markets differ greatly across countries and regions. Therefore, FinTech regulation faces significant challenges. In future we need to leverage FinTech to identify more effective solutions to financial problems, and meanwhile promote “co-petition” between countries and regions, to jointly advance the development of the global FinTech ecosystem.
Nick Vaughan believes that FinTech encourages fair competition, and focuses on innovative development in technology, which has enabled significant progress in finance. A number of FinTech projects related to financial big data and blockchain are now underway, highlighting the importance of data for the industry. In future, we will witness an increasing demand for the new-type FinTech talents, who have computer skills in addition to understanding of the industry and markets. We will also rely on these new technologies to develop expanded financial solutions and tap more potential.
Prof. Ben Shenglin, in light of the current FinTech development in China, shared information on the origin of FinTech in China, its regulatory rules and replicability of China’s experience. Prof. Ben explained that China's FinTech originated from Internet finance, and resulted from the long-term “financial repression” and the large number SMEs in China. The emergence and development of FinTech has enabled a large number of small and micro businesses previously excluded from traditional financial services to access more inclusive and convenient financial services; the emergence and quick growth of many FinTech companies have also been a driving force for the sustainable development and ecosystem optimization of FinTech in China. In future, the FinTech development shall focus more on formulating regulatory rules, standardization and financial infrastructure. China’s experience in FinTech development may also be replicated in other developing countries, in particular the countries along the Belt and Road, providing new financial services for over two-thirds of the world's population in those countries, and promoting the realization of inclusive finance and the construction of the FinTech global eco-network.
In addition, ZIBS students had a heated discussion with the panelists of digital currency, sustainable development of FinTech, and FinTech regulation
Central Banking Publications is a global financial publishing company specializing in reports on central banks, financial regulation, payment systems, public debts management and international finance. Since 2014, Central Banking Publications has been selecting a lifetime achievement award winner each year. To date, 6 central bankers, including Paul Volcker, the former US Federal Reserve chairman, have won the award. Zhou Xiaochuan, the former People’s Bank of China governor, became the 6th winner of this award on 2 February, 2019.
(By Chen Xueru & Lyu Jiamin)