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Wang Haiyun: blockchain is the combination of financial technology, digital transformation and digital economy

Time : 30/12/2021 Author : fa3d17 Click : + -
        Take a look at the development of blockchain and watch the rise of digital economy. The series "looking for blockchain power" jointly produced by ant chain, luohantang and sina finance and economics has been premiered exclusively on Sina Finance and economics at 2 p.m. every Thursday since August 6! The theme of this issue is "digital finance in progress" — Blockchain makes the existing commercial and financial collaboration more efficient. All business activities and financial services are based on the existing trust system. The distributed algorithm trust mechanism implemented by blockchain allows industry practitioners to build more efficient, credible and imaginative collaborative applications, thereby creating greater incremental value. Wang Haiyun, assistant general manager of the Transaction Banking Department of China CITIC Bank: China CITIC Bank should be the earliest domestic bank to do the combination of industry and finance. It began to explore the service and financing of industry finance about 20 years ago. At that time, because there was no blockchain technology, it basically used some offline services.
 
        At that time, we called the old four industries, automobile, steel, energy and household appliances. When the financing volume was the highest, the total amount of the bank was about 700billion. The economy has entered the new normal in the past two years, We have developed and explored four new industries (medicine, FMCG, food and beverage, bulk commodities and logistics, which are called the new four industries, are now mainly engaged in eight industries. Of course, with the development of technology, these industries may be further expanded. Speaking of the innovation of the integration of industry and finance, in the past two years, from the perspective of China CITIC Bank, the innovation of the integration of industry and finance mainly includes three aspects:. The first is the innovation of service objects and service contents. As president Yuan said just now, it used to be It is very important for a single customer to serve the industry as a whole, especially for such a service transformation as scenario and platform.
 
        Not to mention scenario, I have just said a lot about how to enter a scenario, such as procurement, sales, logistics and distribution in the industry. The entry of each scenario can better help enterprises solve these practical financing problems. The second and more important thing is platformization. Why do we talk about blockchain today? Blockchain technology is more valuable for our platform based finance. Recently, we launched double link with ant. Based on the supply chain accounts receivable chain + blockchain, the core enterprise signs and confirms the electronic accounts receivable on the double link platform, and pays the determined amount at a certain time. After receiving these electronic accounts receivable, upstream suppliers can split and transfer them to further upstream suppliers, because sometimes the first tier supplier is also a large enterprise and does not need financing, and the second and third tier suppliers are small enterprises and need financing, so they can go to level n or unlimited levels, and any tier supplier can get blockchain vouchers to our platform for online financing.
 
        And to what extent can we do it? Through this degree of technicalization, banks do not need to give credit to small enterprises in the supply chain one by one. In the past, it was very complicated to grant credit to a small enterprise, because the accounts receivable voucher on the chain is already the exact voucher of a blockchain, and financing can be carried out at any time. Online second level financing, we have recently made two payments. This is a platform based exploration. The so-called platform is not to be an industry, but to integrate the core enterprises of various industries, together with all its upstream and downstream enterprises, into a platform. What banks provide is the value service of the whole cluster industrial chain of the platform. I think this is a change in the service object.
 
        The second is that the means of service are also changing. The previous offline services are now mainly online and automated. It's very simple to say that in the past, when we used to do online services, individuals might use mobile banking. However, it is not so simple for enterprise financial services to achieve online services. In the past, we used to do enterprise online banking, and those who have used our enterprise online banking know that enterprise online banking does query and transfer, but in the past two years, we have been able to move more complex financial products online, such as our enterprise financing, enterprise Invoicing, enterprise supply chain finance, international settlement, and these more complex financial services have also been online. And not only online, the key is automation, which is also very important.
 
        In the past two years, we were online, but they submitted the withdrawal application, which was done inside the bank or offline, so the account could not be received on the same day. It might take twoorthree days. The bank also had to review the documents, check the credit, check the industry and commerce, check the court, and then check the authenticity of contracts, invoices, trade, background, etc., which all needed manual examination. Now this one is unnecessary and can be automated. This year, we also launched a pure online mobile loan product called Xine Rong. Basically, with the mouse, the money will arrive in a few seconds. Why couldn't we do it two years earlier? That's because our big data and Internet technologies have developed in the past two years.
 
        After the customer mentioned our bank through the withdrawal application, our bank is connected to the court, industry and commerce, and the credit investigation system of the people's Bank of China in real time, including the verification of automatic machine processing of invoices and contracts, so that the applicant can be lent in real time. The third key is the transformation of risk control logic and concept. Because for banks, in essence, banks are institutions with operational risks. Why is it so difficult to finance? Because the idea of how to control risks is very important. However, with the change of technology, we are also exploring the concept of bank risk control. In the past, we called it financial logic. We can only look at financial statements, and we can financing with financial statements.
 
        However, small enterprises do not have financial statements, and the financial statements are not necessarily complete. Therefore, we now use financial logic + scenario logic + digital logic to judge through three kinds of logic. In some specific scenarios, financial logic can be weakened. In the case of scenario + number, we don't even need to look at the report. We don't look at the report for the financing of small enterprises by double link just now, because our payment collection is closed and locked in the scenario, and we can financing through scenario + number. I want to mainly say these points. It should be said that moving the blockchain up one level is the combination of financial technology, that is, digital transformation and digital economy. This is a mainstream. Shanghai Pudong Development Bank is also doing digital transformation. CITIC also established digital transformation as the bank wide strategy at the end of last year. We have specially built CITIC brain, and also introduced some talents from Silicon Valley to strengthen the application of technology finance, In particular, returning to today's theme of solving the problem of trust, we will talk about three applications of technology in this regard.
 
        1) NLP technology, natural language recognition technology, enables machines to understand human language. Previously, we said that all financial services must be audited for trade background credit investigation, invoices and contracts according to the requirements of the regulatory department of the CBRC. In the past, everyone reviewed manually. Now with NLP, machines can read automatically. Last year, invoices were automatically recognized. This year, it took more than half a year, Basically, we can recognize all kinds of contracts, because we all know that contracts are much more difficult than invoices. Invoices are formatted. Contracts in each industry are very complex, with many contents and various types. Machine learning time is very long. Now basically, we can recognize invoice contracts.
 
        Why are financial services so fast now? Double link just talked about withdrawal. When customers come to withdraw money, they use NLP technology. Even the image contract can be recognized immediately. 2) We also use graph computing technology, which is also a commonly used technology in artificial intelligence. It is mainly used to describe the relationship between various entities, especially related customers in industrial clusters. It is mainly for risk control through data structure. We have also made comparisons. There are many related enterprises that need to identify risks, which can be quickly found through graph computing, For all the more than 100 upstream and downstream customers and associated customers, if some enterprises have a certain risk, they can identify whether the customer is at risk, reduce social losses and bank losses at this time, and whether they can exit, or adopt post loan processing methods to enhance risk attributes and help enterprises improve their risk management capabilities, which are better things.
 
        Today, the topic of our discussion is blockchain technology, because blockchain technology is very hot now and has been developed for many years. I want to say a few points. From a financial point of view, we not only use the core technology of blockchain, such as chained storage timestamp technology, but also solve the problem of trust through consensus algorithm. There is also encryption technology. The third is smart contract, because blockchain technology in a narrow sense is data storage technology. Data alone is not enough. All of them need to run. Business processes and business functions need a set of programs and scripts, It is the technology of smart contract, so we have more technology applications in this area. Just now, we talked about the example of double link. The supervision of the construction funds of xiong'an new area was carried out at the end of last year and the beginning of this year. As we all know, xiong'an new area is a millennium plan. From the financial allocation to the housing and construction department to the first-class general contractor to the wages of migrant workers in the contracting engineering team, every level is clear, traceable and tamperable, and the funds cannot be misappropriated.
 
        In this way, we have provided the government of xiong'an new area with a set of blockchain management fund allocation and clearing system. After several rounds of bank PK, CITIC won and solved these problems.
 
        
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