China Fintech Forum was held by ifenxi in Beijing on May 22 with the theme ‘Empowerment in the New Cycle’. The forum gathered a great number of founders of well-known fintech enterprises and representatives of institutional investors in China, who had discussions on the future development trend of fintech industry. Given its many years of innovative practices in MSME related services, NCF Wealth entered the “List of China’s Top-50 Fintech Innovation Enterprises”.
At present, accompanied with gradual maturation of big data, AI, block chain and other underlying technologies, financial application scenarios have been constantly upgrading. In the new cycle, more new meanings have been given to fintech’s empowerment of MSE finance and real economy.
Zhang Yang, Founder and ECO of ifenxi released ifenxi•Report on China’s MSE Finance Industry at this forum. He pointed out that the growth rate of different loans have been maintained at over 13% in the past few years, and the growth rate of inclusive MSE loan balance reached 21.79% in 2018.
According to statistics of People’s Bank of China, at the end of the first quarter of 2019, national inclusive MSE loan balance grew by 16.85% compared with that at the beginning of the year, and jumped by 19.1% on a year-on-year basis.
According to Zhang Yang, growth rate of inclusive MSE loan for the whole of 2019 is expected to be maintained at 25%, and over 20% of growth rate can be maintained in 2020, if policy assessment criteria remain unchanged. Based on this estimation, inclusive MSE loan balance will be RMB 14 trillion in 2020 with an annual increment of RMB 2 trillion, which’s the sum of inclusive MSE loan balances of the five largest banks at the moment.
Fintech companies have made tremendous contributions in the field of MSE financial services, and many of them have improved financial industry’s efficiency in serving the real economy through AI, big data and other scientific R&D and innovations.
Take NCF Wealth, one of the pioneers of fintech as an example. It independently developed the smart risk control system of ‘Tianyuan Risk Control System’ based on real business needs. The system uses today’s mainstream big data and AI technologies, and effectively covers all business links of the platform’s main businesses, which include data acquisition, storage, anti-fraud, integrated credit rating, credit extension approval, loan approval tracking, post loan monitoring, overdue management and other links.
It’s worth mentioning that the system has realized one-second automatic approval for risk control, which both reduced time for approval and effectively improved users’ experience. Moreover, by using the latest anti-fraud technology and evaluation model, the system has also realized accurate client positioning, which greatly enhanced client differentiation, significantly increased effective recognition rate, and thus dramatically improved risk control efficiency.
NCF Wealth’s continuous innovation in the field of science and technology has greatly increased the efficiency of MSE financial services, and facilitated the development of inclusive finance. In consideration of its tremendous contribution to fintech sector, NCF Wealth received the honor of “China’s Top-50 Fintech Innovation Enterprises”.
It’s reported that enterprises on the “List of China’s Top-50 Fintech Innovation Enterprises” were selected by ifenxi from the list of 137 fintech candidates that passed the preliminary screening, and only the best ones were chosen. Shortlisted enterprises were to comply with rigorous review criteria and requirements, such as certain innovations in technical product, business model, business process and other areas as well as senior management’s acceptance of in-depth interviews by ifenxi.
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