ZIBS hosts China-Thailand FinTech Forum, facilitating innovation and communication
On March 27, 2019, ZIBS hosted the China-Thailand FinTech Forum, held at AIF FinTech Incubator in Hangzhou, Zhejiang Province, PRC. Mrs. Tipsuda Thavaramara, Deputy Secretary-General of Securities and Exchange Commission (SEC), Thailand; Mr. Songchai Ngernmuen, Assistant Director of FinTech Department, Bank of Thailand; Dr. Ben Shenglin, Dean of Zhejiang International Business School (ZIBS); Dr. Chen Hungyi, Assistant Professor of ZIBS; and Mr. Pawee Jenweeranon, Lecturer of Faculty of Law at Thammasat University; were featured speakers at the Forum, leading discussions about global and regional FinTech opportunities and challenges in the context of new finance.
Dr. Shenglin, Dean, ZIBS
During the Forum, Prof. Ben Shenglin delivered a keynote speech entitled “Global FinTech Landscape, Opportunities for Yangtze River Delta and ZIBS”. Prof. Shenglin presented the key findings of “2018 Global FinTech Hub Report” which provided the global FinTech landscape to the audience. He pointed out that among the 7 global FinTech centers, 4 are from China, 2 from US and 1 from UK, and that in the global FinTech landscape, Asia and the US take a leading role, followed by Europe. China is taking a historical opportunity of playing the leading role, while European countries , are slowly catching up given their strong regulation capability. Bangkok, Cape Town, and Nairobi are also emerging as FinTech centers. In the future, a landscape with 25 emerging FinTech centers is expected.
Prof. Shenglin stated that FinTech centers are increasingly connected across regions, and as a result, multi-city communities have emerged, which are characterized by open economic structure, the ability to efficiently allocate resources and cluster spillover effects. The Yangtze River Delta, with its GDP totaling USD 3 trillion and a population of 200 million, has become a global FinTech center. As the Belt and Road Initiative is increasingly implemented, the Yangtze River Delta will have more opportunities and broader space for development. Prof. Shenglin further presented the “Islamic FinTech Report 2019” and briefly described the Islamic FinTech market. He highlighted the huge potential of Islamic FinTech development due to the 1.8 billion Muslims, and the possibility of further increasing FinTech application in the Islamic world.
Dr. Chen, Assistant Professor, ZIBS
Dr. Chen Hungyi and Mr. Pawee Jenweeranon elaborated on global FinTech trends,and particularly in Southeast Asia from a number of perspectives.
Dr. Chen presented the recent research on alternative finance conducted by Cambridge Centre for Alternative Finance (CCAF), which is in collaboration with ZIBS,based on the statistics of 26 alternative finance reports published by CCAF. The reports cover more than 1,500 alternative finance platforms across 167 countries. In terms of the global FinTech trends, he analyzed developments in alternative finance through the perspectives of global market transaction volume, transaction volume growth rate, and per capita transaction volume of alternative finance. He pointed out that China’s alternative finance transaction volume is ranked as 1st in the world, accounting for over 90% of the world in total.
Mr. Pawee Jenweeranon, Lecturer, Faculty of Law, Thammasat University
Mr. Pawee Jenweeranon explained the status of the regulatory environment for the Asian FinTech development in niche industries. For example, online lending is at the stage of public hearing in Thailand. He also pointed out that Singapore, Malaysia and Philippines adopt the “regulatory sandbox”, and the necessity of introducing the mechanism of industry associations to assist in regulation. Prof. Shenglin added that China’s challenge is to standardize regulation and improve the regulatory systems at local and national levels. At present, Thailand is also developing the industry standard. Market organizations, such as SEC and Bank of Thailand are enhancing their regulation capability with blockchain to enable FinTech service providers to develop in the improving regulatory environment. Finally, Mr. Pawee Jenweeranon stated that emerging FinTech centers need to engage more in intelligent finance to become global FinTech centers, and that the long-standing financial repression needs to be broken by new finance, which is to inject new impetus.
In the Q & A session, participants exchanged points of view on the FinTech development experiences in the Yangtze River Delta, future directions of new finance, and how to effectively promote FinTech development against the backdrop of the actual circumstances in China and Thailand.
ZIBS, positioned as a global business school in the era of new economy, has been developing multi-level and multi-disciplinary partnerships with leading universities and institutions. It has organized FinTech dialogues with guests from Africa, UK, US, Switzerland and South Korea, to build high level platforms for dialogues and exchange, and to promote interactions with international financial institutions.