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Li Guohua Proposes to Promote Inclusive Financial Development with Digital Technology at GPFI External Seminar

Date: 2016-03-10

On March 1, Chairman Li Guohua of Postal Savings Bank of China (PSBC) attended the external seminar of Global Partnership for Financial Inclusion (GPFI) sponsored by the People’s Bank of China in Shanghai and delivered the keynote speech, proposing to promote the development of inclusive finance with digital technologies.

GPFI is an international organization consisting of G20 members, some non-G20 countries and related international organizations and dedicated to promoting and developing inclusive finance worldwide. The participants of the external seminar were mainly representatives of central banks and financial ministries of the member states as well as related international organizations and commercial institutions. Focus of the meeting was the global trend of inclusive finance, role of government in inclusive finance and digital finance and inclusive finance.

In the speech, Chairman Li explained how to promote inclusive financial development via digital technology in combination of the specific practice of PSBC. He pointed out that PSBC practice was wide in radius of financial service and highly inclusive in service content, and the Bank made useful explorations especially in promoting inclusive finance with big data and Internet technology. First, it actively constructed the open collaboration-based financial service platform and shaped the featured network credit development mode by resorting to the advantageous resources of “Internet-based finance plus”. Second, it proactively established the on/offline service network and realized the “grand channel” management pattern featuring connectivity between e-channels and real entity network and collaborative development between offline bank entities and online virtual banks. Third, it made great efforts to establish a risk management system. While providing customers with specialized, standardized and stream-lined financial service, it set up credit risk models with more comprehensive and complete information available and strived for integration and sharing of information of various types from inside and outside the Bank, so as to realize early identification, early pre-warning and early disposal of risks.

Regarding how to further put into play the role of digital technology in promoting inclusive financial development, Chairman Li put forward three suggestions. The first was to improve the level of financial institutions in applying technology; the second was to promote establishment of data sharing mechanisms; the third was to facilitate perfection of the regulation system.

China Post News

March 10, 2016