(1/7) What roadmap should #fintech take in the future? Huang Qifan, academic advisor of CF40 and Vice-Chairman of CCIEE shared his insights on P2P and Internet finance on CF40 Yichun Forum. mp.weixin.qq.com/s/WZ2YQxwUoQEG…
(2/7) Huang said “In recent years, under the cover of internet finance, #P2P has successfully attracted savings from netizens with de facto high-interest loans. Repay the debt with new lending through cash pooling has resulted in a host of Ponzi schemes under the internet system.
(3/7) Either #TechFin or #FinTech doesn't and won’t overthrow fundamental principles of traditional finance and financial security. In this regard, we should not only exert the #digital platform to the utmost, but also stick to principles and ideology of modern finance.
(4/7) Huang added, “#TechFin could be understood as “Internet + financial”, that means corps can develop their financial business independently; or as “financial corps + internet”, meaning digital platforms are developed based on the need of industrial/supply chain.
(5/7) "So the most reasonable and effective path is the combination of #digitalplatform and various industrial chain finance." According to Huang, "In the time of internet industrialization, different industries have respective structures and models."
(6/7) Huang also stressed that, "#Internetfinance should have a clear principle of mutual reciprocity. It shouldn't rely on unsustainable ways such as burning money to expand market share, or cheating customers with unreliable business patterns."
(7/7) "Any security authentication technologies, such as #biometrics, #QRcodes, pattern (irises, fingerprints, face or voice) recognition, must be #franchised. Relevant tech company shouldn't be set up without a license, which imposes relatively strict market access thresholds."
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