Fintech PR
Lufax CEO Greg Gibb Forecasts Partnerships and Scenarioization in the Future of FinTech
Lufax chief executive officer Greg Gibb shared his thoughts on the future of FinTech, presaging inter-discipline partnerships and cross-platform scenarioization, at the Committee of 100 Greater China Conference and Gala 2019, held at the Ritz-Carlton Shanghai, Pudong.
Gibb observed that China’s FinTech landscape is restructuring dramatically – a process that started about 12 to 18 months ago, and, according to Gibb, will continue for another 12 to 18 months, “Before restructuring started, there were thousands of companies operating in the FinTech space. That number is going to come down to about a couple hundred.” Gibb however did not see the consolidation leading to a winner-take-all situation – he thought it is more likely that the top 10-15 players will command most of the market, “It is a very crowded space with lots of niches. The bar of play is going up very fast, and the winners are those armed with financial DNA, a lot of data, and breakthrough technologies.” Gibb, as a practitioner in the industry, welcomed restructuring and consolidation as a timely remedy, “In the early days you could literally become a FinTech company by purchasing a system on Taobao for a couple hundred Renminbi. Whereas the restructuring may be painful in the short term, it will be a good and necessary step in the long run.”
The way to play in China’s FinTech scene is also changing on the fundamental level, reminded Gibb. “If you roll back to four or five years ago, a lot of FinTech was much more siloed. Each company tried to fight in its own space, do its own thing, and control the process end-to-end,” noted Gibb. “Going forward, we will see much closer co-operation amongst FinTech companies, as well as between FinTech companies and traditional financial institutions, much like the recent Google-Citi partnership.” Likewise Gibb foresaw an increasing level of co-operation between platforms. E-commerce platforms are leveraging social platforms to achieve amazing growth, and Gibb called for FinTech companies to follow suit, “This is the open banking model for China – high-traffic platforms that have hitherto not entered the FinTech space will help provide scenarios for banks and FinTech companies to take advantage of the massive flow of traffic and data.”
Gibb predicted that the “scenarioization” of finance will drive a lot of growth in the coming years. “Payments was the first area where FinTech demonstrated its transformative power. Since then consumer finance has been growing very rapidly and shown great promise,” remarked Gibb. “But in second- and third-tier cities, the lack of assets and funding among businesses is still evident.” Time is ripe for a technological solution to help make asset management and financing more inclusive. “The asset management sector will present even more opportunities in the next five years, as the allocation of resources – where does the money go and how does it get there – becomes ever more important,” explained Gibb. “FinTech that connects the right customer to the right product, done with more transparency, more intelligence, and more investor education, can help direct money to the right areas and support the real economy.”
Gibb opined that institutions that inhabit financing scenarios, and gain point blank access to, as well as real understanding of, customers will command the lion share of the profit, “The profit cycles of FinTech rarely go beyond three years. Business models that have once induced value creation will reduce quite swiftly as time progresses. Those who capture the most value and avoid diminishing returns are the ones who continue to be ahead the innovation curve.” He submitted that one of the key issues going forward is to find a way to create more dialogue between innovation and regulation.
Gibb argued that China’s FinTech model will see the best application and fastest growth in other emerging markets. “A lot of the success we saw in China was thanks to the unique combination of first world technology and emerging market growth,” said Gibb. “The FinTech story will continue to be a fast-growing, emerging market story.”
“The low-hanging fruit is gone. FinTech now needs a scala of scale or skill to reach its goal,” analyzed Gibb. “A large customer base, financial DNA, or unique capabilities to integrate different forms of data, content, and offerings can each prove an asset; while the winning combination of all three will continue to see value.”
Gibb believed there is still tremendous potential for growth, “If you look at the banking and finance scene today, in terms of revenue and asset under management (AUM), FinTech still only accounts for 5-6% in China’s financial market; it has a small base, but is large in the global context and still poised for a lot of growth from unmet needs.” Gibb suggested that the key behind that growth will be AI, driven by chatbot capability, allowing financial services to leave the screen of an app and become a truly two-way interactive experience that prioritizes investor education in wealth management.
SOURCE Lufax
Fintech PR
CCTV+: From Silk Road Gateway to Global Innovation Hub: Xi’an Advances Industrial Upgrades and International Cooperation
XI’AN, China, Nov. 2, 2024 /PRNewswire/ — Xi’an, an ancient capital and starting point of the Silk Road, is growing rapidly into a cosmopolis of technological innovation, industrial transformation and international cooperation. The city is becoming a global hub for innovation and economic cooperation and a destination that converges historical heritage with modern creativity. By leveraging initiatives in New Quality Productivity, the Internet of Things, high-tech industries, culture, and international business services, Xi’an showcases its dynamic blend of past and future.
Industrial Development: Technology and Innovation Drive Emerging Industry Clusters
Aiming to establish itself as an international hub with rapid scientific and technological innovation, Xi’an is now building a comprehensive national science center and a center for science and technology innovation.
The Silk Road Technology City is now home to more than 4,000 companies and has fostered two major industry clusters, in optoelectronics and automobiles, each worth tens of billions. Leading industry giants like BYD and Samsung have established themselves here, taking advantage of Xi’an’s robust policy support for innovation-led growth. LONGi, a world leader in solar technology, is actively building Shaanxi’s 100-billion-grade silicon-based solar PV industry innovation cluster, driving industry-wide growth through R&D and supply chain expansion; while BYD’s comprehensive new energy vehicle industry chain has also positioned Xi’an as a key base for new energy technology and electric vehicles.
Belt and Road Hub: Connecting Development Across Borders
As a central hub along the Belt and Road, Xi’an recently hosted the Belt and Road Forum for International Think Tank Cooperation, fostering collaboration and advancing connected, networked development through the trans-Eurasian transport corridor. With growing trade opportunities, Xi’an is also expanding its reach into international markets, particularly in Central Asia, exporting specialty agricultural products like kiwi fruit.
Through conventions and conferences, Xi’an has demonstrated its significant potential for international economic cooperation, establishing stronger ties in Central Asia and Belt and Road countries.
New Quality Productivity: Smart Technologies and Advanced Manufacturing Fuel Growth
New Quality Productivity is driving Xi’an’s high-quality development leveraging smart technologies and intelligent manufacturing. Local enterprises like SUNNYIT are promoting innovative applications of IoT technologies to tackle industry bottlenecks, Xi’an Chinastar M&C Limited is supporting real-time urban management with products including smart manhole covers and parking monitoring systems to support urban safety and municipal services.
Industrial robots and intelligent manufacturing are also accelerating Xi’an’s industry transformation. Xi’an Aerospace Automation’s 4,000-kilogram robot, designed for warehouse logistics, highlights the city’s advancements in high-load, high-precision applications.
High-Quality Development: Digital Technology Empowers Xi’an’s Smart City Ambitions
Xi’an is progressing in smart city development, enabling companies to utilize big data and AI for comprehensive traffic analysis, enhancing traffic management efficiency, and establishing a “transportation+” multi-scenario service system to improve travel experiences.
Xi’an looks to cooperate with more companies and research institutions in fields of environmental protection, water-related affairs, education, and urban management with the goal of promoting technological breakthroughs in areas such as intelligent video analysis and large-scale AI models, empowering city management and services through digital technologies and support the development and innovation of companies in the city.
Opening Up to the World: Xi’an Shares Its Story and Strengthens Business Environment
The newly established Xi’an International Communication Center shares Xi’an’s story in multiple languages, promoting Chinese culture and positioning Xi’an as a major platform for cultural exchange. Additionally, a legal service center in Xi’an Chanba International Port now offers comprehensive legal support, fostering a fair and just international business environment.
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View original content:https://www.prnewswire.co.uk/news-releases/cctv-from-silk-road-gateway-to-global-innovation-hub-xian-advances-industrial-upgrades-and-international-cooperation-302294686.html
DUBAI, UAE, Nov. 2, 2024 /PRNewswire/ — KuCoin, a global leader in the cryptocurrency exchange arena, is thrilled to announce its active participation at this year’s premier TON community event, The Gateway. The annual conference, renowned for uniting key players in the TON ecosystem, aligns perfectly with KuCoin’s mission to democratize cryptocurrency and expand its reach across the globe.
Representing KuCoin at the event was Alicia, who took part in the insightful panel discussion on “Perspective Sectors on TON for VCs and Exchanges.” Her presence underscored the vibrant potential of the venture capital market within emerging blockchain technologies, particularly the TON ecosystem. Alicia’s discussion highlighted how TON’s seamless integration with Telegram presents unique opportunities for innovation and user engagement, resonating with KuCoin’s strategic initiatives to bridge social connectivity with financial transactions.
“TON’s integration with Telegram not only simplifies the user experience but also amplifies it, making it a gateway for millions to engage with Web3 technologies,” Alicia stated. She emphasized KuCoin’s commitment to leveraging this synergy to enhance secure, user-friendly trading experiences, thus furthering its mission of putting crypto in every pocket.
KuCoin’s participation in The Gateway event reinforces its dedication to fostering a secure, robust, and accessible trading environment, paving the way for a new era of crypto and blockchain integration.
About KuCoin
Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 800 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 36 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.
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View original content:https://www.prnewswire.co.uk/news-releases/kucoin-shines-at-the-gateway-event-advocating-for-blockchain-innovation-through-ton-302294685.html
Fintech PR
UBS Asset Management launches its first tokenised Money Market Fund, available through DigiFT
SINGAPORE, Nov. 2, 2024 /PRNewswire/ — UBS Asset Management, launches its first tokenized investment fund “uMINT”, made available through authorized distribution partner, DigiFT.
With DigiFT, investors can subscribe to uMINT using their preferred custody wallet solution, gaining access to real-time redemption capabilities via DigiFT’s platform. uMINT, a Money Market investment underpinned by high quality money market instruments based on a conservative, risk-managed framework, is built on Ethereum distributed ledger technology and issued under UBS Tokenize, UBS’s in-house tokenization service, a full service offering for digital asset services, that seeks to open the door to the world of decentralized finance to a broader range of market participants.
“We’re honoured to be an authorized distribution partner for UBS Asset Management in launching their first tokenized money market fund. This is a significant milestone in the world of Web3, and a testament of our ability to transform capital markets. Not only does this partnership bridge traditional finance with digital and decentralized technologies, it also demonstrates our ability to deliver next-generation investment solutions on an open network – for a new generation of global investors,” said Henry Zhang, Founder & Chief Executive Officer of DigiFT.
As part of the partnership, DigiFT will provide infrastructure for managing and monitoring on-chain distribution activities and transactions for the new tokenized money market fund. Enabled by blockchain technology, DigiFT’s best-in-class, open infrastructure ensures all transactions are stored and recorded on an immutable ledger, providing real-time operational and audit visibility. Beyond streamlining administrative processes, DigiFT is able to leverage smart contracts and facilitate automated compliance and operational efficiencies, further allowing investors to invest and explore new financial Web3 use cases.
DigiFT is the first exchange deploying smart contract methods and processes, with an automatic market-making mechanism, to be recognized as a Recognised Market Operator (RMO) and awarded the Capital Markets Services (CMS) license by the Monetary Authority of Singapore.
Disclaimer: This article is not an advertisement making an offer or calling attention to an offer or intended offer
About DigiFT
DigiFT is the first exchange for on-chain real-world assets to be licensed by the Monetary Authority of Singapore. Find out more www.digift.sg
For media enquiries, please contact [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/ubs-asset-management-launches-its-first-tokenised-money-market-fund-available-through-digift-302294683.html
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