Fintech

Global Times: Financial Street Forum, a bellwether of China’s financial reform, highlights robustness, openness

Published

2 years ago

November 22, 2022

China’s vibrant financial sector, a solid underpinning of the economic prowess and a crucial part of the country’s reform and opening-up, is set to anchor the world’s second-largest economy toward higher-quality growth and amplify its role as a stabilizer of the global markets amid varied uncertainties, senior officials and prominent domestic and foreign industry leaders told an influential financial forum in Beijing on Monday.

The Financial Street Forum 2022, an annual event widely viewed as the bellwether of China’s financial reform and opening-up, opened in the capital city on Monday and will run through Wednesday.

Coming shortly after the successful conclusion of the 20th National Congress of the Communist Party of China (CPC), which stressed high-quality growth and continued opening-up, this year’s event, also marking the 30th anniversary of the construction and development of the capital’s Financial Street, further cements Beijing’s indispensable role of China’s financial sophistication and innovation as well as the nation’s leading role in championing a more open global economy, analysts said.

Rising prominence

The Beijing Financial Street’s rising to prominence in the country’s financial landscape that has earned it the name of the national financial management hub is seen epitomizing the country’s financial reform and innovation at large.

In a speech at the forum on Monday, Yi Gang, governor of the People’s Bank of China (PBC), the country’s central bank, praised the great achievements in the construction and development of Beijing Financial Street over the past three decades.

“The Financial Street adheres to the road of financial development with Chinese characteristics, and has played an important role in serving the country’s economic construction and social development,” Yi said, adding that the PBC will put into practice the spirit of the 20th CPC National Congress to build a modern central banking system, implement prudent monetary policies, serve the real economy, prevent financial risks and deepen financial reforms.

Home to the country’s financial regulators and a rising number of domestic and foreign financial institutions, Beijing has made great progress and contributed a lot to China’s financial industry in recent years. Beijing’s financial sector saw its added value amount to about 287 billion yuan ($40 billion) in 2021, up 160.6 percent compared with 10 years prior.

In particular, the Beijing Financial Street located in Xicheng district, dubbed as the “brain” of China’s finance and sometimes referred to as China’s Wall Street, has contributed nearly 40 percent of the city’s financial added value since 2012.

It hosts the central bank, the securities, banking and insurance regulatory commissions, as well as headquarters of large domestic and foreign financial institutions. Known as the national financial management center, the street serves as a confluence of financial policymaking, supervision and asset management, among other aspects of the capital’s financial functionalities.

There have been a series of major developments in the rise of the Beijing Financial Street in recent years. For example, the Beijing Stock Exchange, which officially opened in November 2021 to support small and medium-sized enterprises, is also located at the block of Financial Street.

In a major move, the Beijing Stock Exchange (BSE) on Monday officially launched a benchmark index – the BSE 50, which rose by 2.55 percent on its first day, highlighting investors’ confidence in the performance of the capital’s stock bourse.

The capital where the famed financial street is located is reputed to become an important part of the country’s financial reforms.

“I think it is already [an important part] by many aspects because many decisions are taken in Beijing and those decisions quite often are financial decisions,” Hugues de la Marnierre, Group Country Head for French bank Societe Generale in China, told the Global Times on the sidelines of the forum on Monday.

The country has done a lot in opening its financial sector to overseas institutions and “the trend is good,” he said.

“Precisely the topic we had today was to exchange ideas between us and brainstorm. And I think that’s very good. It’s why I’m delighted to be here because it also gives an international flavor to the discussions.”

Unwavering opening

Apart from the feat of the Beijing Financial Street over the past decades, the forum on Monday, which also marks its 10th anniversary and drew nearly 400 industry heavyweights from around the world, was also focused on China’s financial opening, amid turmoil in global markets.

China has committed to opening wider at a high standard and said it will not change its commitment to an economic globalization that is more open, inclusive, balanced and beneficial for all, Chinese officials said.

As part of the unwavering opening push, China will deepen reforms and innovation of the over-the-counter market, known as the New Third Board, as well as push high-quality expansion of Beijing Stock Exchange, Yi Huiman, head of the China Securities Regulatory Commission (CSRC), said at the forum on Monday.

In the process of opening to the world, China has coordinated opening-up with security, strengthened risk monitoring on cross-border funds to make it visible and manageable, the CSRC head noted.

As one of the latest moves of the country’s unswerving effort to expand all-around opening-up, China on Friday unveiled cash management rules for overseas institutional investors looking to the country’s bond market. From June, qualified overseas institutional investors were allowed to invest in the exchange bond market either directly or through the connectivity.

China has basically put in place a management system of pre-establishment national treatment together with a negative list in the financial sector. It has completely lifted restrictions on foreign ownership in the banking, securities, fund, futures and life insurance sectors. The country has promoted the connectivity of cross-border securities markets and improved the qualified institutional investor system.

The promulgation and implementation of a series of measures have fulfilled the commitment to a greater financial opening-up.

Despite sluggish global investment sentiment, China remained a strong magnet for foreign companies backed by these endeavors. In the first 10 months of 2022, China saw an increase of 17.4 percent year-on-year in actualized foreign direct investment, totaling $168.34 billion, official data showed.

A global stabilizer

Guided by the 20th CPC National Congress, the 2022 Financial Street Forum will discuss how finance will serve the real economy, industrial chain, green development, digital infrastructure, the country’s development and revitalization, energy security, as well as international cooperation and financial globalization.

On the premise of ensuring energy security, the orderly promotion of green and low-carbon transformation will become an important growth point for high-quality development, and bring unprecedented huge opportunities to the financial sector, so as to realize a virtuous circle between the financial sector and the real economy, according to the forum.

According to the report delivered to the 20th CPC National Congress, China must continue to focus on the real economy in pursuing economic growth.

China’s financial industry has made great contributions to helping real economy transform to higher quality, while supporting the growth of many companies through fundraising.

Analysts also noted that the global economic recovery is fragile and faces serious challenges from high inflation, supply chain disruptions, and energy and food crises. With steady economic growth, wider opening-up of the financial sector and a vibrant market, China has become a rare factor of certainty in the current international environment.

While global financial volatility is increasing, China’s financial market remains dynamic and stable. China has made substantial progress in financial opening-up and integration into the global market, and such a strong momentum is expected to continue in the future, they said.

Besides, China’s rapid and healthy development of the financial industry is also making great contributions to the world’s financial stability, at a time when market volatility is increasing globally as a result of geo-political tensions and irresponsible monetary policies launched by certain countries, experts noted.

This year’s annual conference of the Financial Street Forum focuses on fintech, which is generally based on how the financial sector will serve the real economy, Pan Helin, co-director of the Research Center for Digital Economics and Financial Innovation at Zhejiang University, told the Global Times on Monday.

“The 2022 forum is more pragmatic, touching upon financial innovation, the difficulties and pain points in the practice of financial sector, and discussing feasibility and offering more diversified solutions. In addition, this year’s annual conference also put more emphasis on the collaboration of cross-border financial innovation,” said Pan.

SOURCE Global Times

Fintech

SPAYZ.io prepares for iFX EXPO Dubai 2025

Published

6 hours ago

December 19, 2024

Adrienn Sarkany

spayz.io-prepares-for-ifx-expo-dubai-2025

Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.

SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.

Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.

“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”

Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.

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Fintech

Airtm Enhances Its Board of Directors with Two Strategic Appointments

Published

6 hours ago

December 19, 2024

Adrienn Sarkany

airtm-enhances-its-board-of-directors-with-two-strategic-appointments

Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.

“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”

Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.

Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.

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Fintech

Fintech Pulse: Your Daily Industry Brief (Revolut, Bestow, Advyzon, Tyme Group, Nubank)

Published

2 days ago

December 17, 2024

Peter Tolan

fintech-pulse:-your-daily-industry-brief-(revolut,-bestow,-advyzon,-tyme-group,-nubank)

The Ever-Evolving Landscape of Fintech: Top Stories Today

The fintech world continues to thrive with new developments shaping its future. Today’s highlights cover Revolut’s enhanced crypto fraud protections, Bestow’s recognition as a leading fintech company, Advyzon’s CEO receiving a prestigious award, Tyme Group’s global expansion supported by Nubank, and the rise of Israeli fintech startups. Let’s dive into the details and explore the broader implications.

Revolut Steps Up Crypto Fraud Protection

In a significant move to fortify customer trust, Revolut has announced enhancements to its crypto fraud protection systems. Leveraging advanced security risk scores, the company aims to shield users from the growing menace of crypto-related scams. The platform’s new measures will involve deeper scrutiny of transactions, sophisticated algorithms to flag potential fraud, and proactive alerts for unusual activities.

Revolut’s focus on fraud protection reflects the escalating challenges faced by fintech firms operating in the crypto space. As digital currencies gain traction, fraudsters continue to exploit vulnerabilities, necessitating robust security mechanisms. Revolut’s initiative could set a precedent for the industry, emphasizing that user safety is as critical as innovation. However, the success of these measures will depend on striking the right balance between security and user experience.

Source: Coindesk

Bestow Earns a Spot Among Top 100 Financial Technology Companies of 2024

Bestow, a digital life insurance innovator, has been named one of the Top 100 Financial Technology Companies of 2024. This recognition highlights Bestow’s transformative approach to life insurance, combining cutting-edge technology with customer-centric solutions. By simplifying the traditionally cumbersome insurance process, Bestow has made life insurance more accessible and affordable.

The accolade underscores the growing importance of insurtech in the broader fintech ecosystem. Bestow’s achievements signal a shift in consumer expectations—convenience, transparency, and technology-driven solutions are becoming non-negotiable. As insurtech continues to disrupt traditional insurance models, the emphasis will likely shift from mere digital transformation to delivering personalized and predictive services.

Source: PR Newswire

Advyzon CEO Hailin Li Wins ThinkAdvisor 2024 Luminaries Award

Hailin Li, CEO of Advyzon, has been honored with the ThinkAdvisor 2024 Luminaries Award for Fintech Executive of the Year. This award recognizes his exceptional leadership and Advyzon’s commitment to empowering financial advisors with innovative tools. Under Li’s stewardship, Advyzon has excelled in providing comprehensive technology solutions, enabling advisors to deliver superior client experiences.

Li’s recognition highlights the pivotal role of leadership in driving fintech innovation. Advyzon’s success is a testament to how visionary leadership can redefine financial advisory services. As advisors increasingly rely on technology to navigate complex markets, platforms like Advyzon are becoming indispensable. The award also serves as a reminder that the human element—inspired leadership—remains crucial even in a tech-driven industry.

Source: Business Wire

Nubank Backs Tyme Group’s International Expansion

In a strategic move, Nubank has announced an investment in Tyme Group, a digital bank with operations in South Africa and the Philippines. This partnership aims to accelerate Tyme’s growth in emerging markets, leveraging Nubank’s expertise in scaling digital banking operations. Tyme’s unique business model focuses on financial inclusion, catering to underserved populations in developing economies.

Nubank’s investment signifies a growing trend among fintech leaders to expand their footprint in emerging markets. The collaboration between Nubank and Tyme underscores the potential of digital banking to bridge financial inclusion gaps. However, challenges such as regulatory complexities and technological infrastructure limitations in these regions must be addressed to ensure sustainable growth.

Source: Business Wire

Israeli Fintech Startups Gaining Global Momentum

Israel’s fintech ecosystem is making waves internationally, with startups leveraging the country’s robust tech culture and innovation-driven mindset. From payment solutions to cybersecurity for financial services, Israeli fintech firms are attracting significant investments and partnerships globally. This trend reflects the country’s position as a hub for technological advancement and entrepreneurial spirit.

The rise of Israeli fintech startups is a testament to the country’s ability to harness innovation for global impact. However, scaling these ventures beyond local markets remains a challenge. Strategic partnerships and a focus on addressing global financial challenges will be crucial for these startups to cement their position on the world stage.

Source: Calcalist Tech

Broader Implications for the Fintech Industry

Enhanced Security in Crypto: Revolut’s initiative highlights the need for continuous advancements in fraud prevention. The increasing complexity of scams calls for adaptive security measures that can evolve with emerging threats.
Recognition Drives Innovation: Bestow’s accolade and Hailin Li’s award demonstrate the power of recognition in fostering innovation. Industry acknowledgment not only boosts morale but also sets benchmarks for others to emulate.
Global Collaborations: Nubank’s partnership with Tyme Group underscores the importance of cross-border collaborations in fintech. As markets globalize, such alliances will play a pivotal role in shaping the future of financial services.
Emerging Market Opportunities: Investments in developing economies highlight the untapped potential of these regions. Fintech companies must focus on understanding local needs and challenges to create impactful solutions.
Tech Hubs as Catalysts: The success of Israeli fintech startups emphasizes the role of regional tech hubs in driving industry growth. Policymakers and stakeholders must nurture these ecosystems to sustain innovation.

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