NCF Wealth CEO SHENG Jia: Seizing the Business Opportunities Brought by the Belt and Road Initiative to Promote Integration of Industry and Finance

On April 25th, the first CEO Conference of the Second Belt and Road Forum for International Cooperation (BRF) was held in Beijing. By bringing together nearly 800 representatives from enterprises and business associations from all over the world, it provides a good platform to facilitate cooperation between the industrial and commercial communities of all the countries, and share the cooperation opportunities brought by the Belt and Road Initiative (BRI).

“While promoting the BRI international cooperation to achieve high-quality development, Chinese enterprises have become the biggest beneficiaries of BRI. This is a valuable opportunity for private enterprises to seize.” The NCF Wealth CEO SHENG Jia told the reporters in an interview during the CEO Conference that he attended on invitation. 

In recent years, China has taken a leading role in the development of financial technology in the world. SHENG Jia believes that in addition to exporting fin-tech services to many countries and regions, financial technology will enable the global economy to leverage its efficiency and convenience.

Building a financial technology system that meets multiple needs

Themed “Belt and Road Cooperation, Shaping a Brighter Shared Future”, the Second Belt and Road Forum for International Cooperation focuses on promoting the Belt and Road cooperation to achieve high-quality development. It is the first time that the CEO Conference was held as an important side event during the BRF, demonstrating the important position of CEOs.

Gao Yan, President of China Council for the Promotion of International Trade, suggested at the CEO Conference that enterprises from all countries should try to create new development opportunities while integrating their own development with the BRI and explore new cooperation modes. Specifically, they shall expand the cooperation in digital economy and artificial intelligence while strengthening traditional economic and trade cooperation; they shall pay attention to the linkage between trade and investment, as well as the combination of industry and finance; they shall help the host countries develop their economies, improve people’s livelihood, and enhance the well-being of people from all countries, while pursuing their own interests and better development.

SHENG Jia completely agreed with his idea. He believes that most countries along the Belt and Road have yet to develop a sound financial market given their complex investment environment. It is difficult for a single financial product such as the traditional credit or one service model to meet the mixed financial needs in new situations. “Financial technology happens to be the perfect combination of digital economy and artificial intelligence, which can greatly improve the efficiency of the finance serving the entity industries.” SHENG Jia said.

Huang Maoxing, Dean of the School of Economics of Fujian Normal University, once wrote an article proposing to innovate and improve the financial technology cooperation model of countries and regions along the Belt and Road. On the one hand, it is necessary to establish a convenient financing system and a cooperation mechanism according to the development characteristics of those countries. On the other hand, it is important to coordinate the financial technology policies of those countries, deepen their cooperation in financial technology, and build a financial technology system that meets the needs of coordinated development of countries and regions along the Belt and Road.

Therefore, since the inception of the Belt and Road Initiative in 2013, NCF Wealth has been actively making useful explorations in various aspects of financial technology, seeking cooperation models with countries and regions along the Belt and Road.

Chinese private enterprises have become the main force of BRI construction

Gao Yunlong, Chairman of the All-China Federation of Industry and Commerce, said at the conference that in 2018, the total import and export volume of Chinese private enterprises with the Belt and Road countries exceeded US$600 billion; in 2017, 274 of China’s top 500 private enterprises were involved in BRI construction. He said that Chinese private enterprises have made active efforts in going global and become the main force of BRI construction.

As a private enterprise providing comprehensive financial technology services, NCF Wealth boasts mature scientific and technological business, which has successfully promoted the application of NCF Wealth’s AI intelligent risk control system, intelligent financial platform, currency exchange, cross-border payment, the blockchain without a token, financing solutions with a multi-tier supply chain and other scenarios.

In SHENG Jia’s view, the BRI has provided more opportunities for private enterprises. The countries and regions along the Belt and Road boast huge demographic and consumer market dividends. China’s experience and achievements in financial technology can support and help these countries and regions achieve development, and bring the benefits of financial technology development to the whole world.

Focusing on the BRI construction, NCF Wealth provides financial technology services for Chinese enterprises to help them go global while offering financial products, financing channels and financial innovation services for countries and regions along the Belt and Road.

With the advancement of BRI, the internationalization of RMB has gradually deepened, and the cross-border fund flow and the marketization of interest rates have become a new trend. Many internet-based financial technologies will guarantee the safe settlement of funds and offer convenient payment. Relying on technological innovation, especially information technology innovation, the cost of financial integration and transactions will be continuously reduced while the efficiency will be improved.

SHENG Jia said that Beijing United Money Exchange Co., Ltd., a branch of NCF, enables two-way conversion between 43 foreign currencies and RMB. It also supports foreign currency cash cards in more than 200 countries and regions and tax rebate of 36 countries on return. NCF Wealth’s payment company has obtained qualifications of cross-border RMB settlement. It has carried out cross-border RMB settlement with China Construction Bank and Industrial and Commercial Bank of China, and launched a cross-border settlement platform independently developed by itself.

In addition, in going global, NCF Wealth, an open platform for financial technology, has entered the NASDAQ capital market recently, which will help it better render financial technology services at home and abroad, provide online user portals for both financial and non-financial institutions, and offer users with one-stop integrated financial information services. The listed company Chong Sing Holdings, of which NCF Wealth is a shareholder, has accelerated its financial technology layout in Southeast Asia, and successfully taken a stake in Amigo, a Vietnamese financial technology company. NCF Wealth has built a big data laboratory with Imperial College London to promote the industrialization and commercialization of scientific research results.

“In the future, NCF Wealth Group will further strengthen cooperation with countries along the Belt and Road in the fields of big data, artificial intelligence, cloud computing, blockchain, intelligent investment, mobile payment, electronic payment, consumer credit, and so on for mutual benefit and win-win cooperation.” SHENG Jia said.

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