Since the beginning of this year, Jinjialing Financial District has been particularly active in the field of digital financial application innovation.
In July, Bank of Qingdao launched the first electronic factoring business in the country, providing factoring financing for small and micro enterprises through the digital supply chain finance platform. Based on this model, Bank of Qingdao will vigorously serve vegetables, eggs, aquatic products and other suppliers to farmers, agricultural product processing, agricultural technology and other enterprises to help rural revitalization.
In May, three financial district institutions, including Bank of Qingdao, Qingdao Flash Payment Information Technology Co., Ltd., and Shujin Public Service (Qingdao) Co., Ltd., were selected for the second batch of "scenario application laboratories". "Digital finance" became the common "label" of the three declaration projects. In the "petri dish" of new technologies, new formats, and new models, Jinjialing Financial District has become a unique landscape with "digital finance".
In April, Shandong Guosheng Microloan Co., Ltd. issued small digital RMB loans to a hotel and an individual respectively. The two loans not only relieved the financing party’s urgency of capital turnover, but also became the earliest digital RMB microloan scenario in the country, expanding the scope of use of digital RMB.
This set of "monthly spectrum" is a marker point for the development of digital finance in Jinjialing Financial District, marking the drip-by-drip achievements and development paths of digital finance in Qingdao. Digital finance is the foundation for the construction and development of digital economy and digital city, and has become the focus of various cities. On the surging tide, there is Qingdao’s brave figure. As the place where Qingdao Financial Institution Group and financial technology gather, Jinjialing Financial District is taking the lead in tasting the sweetness of digital finance.
On August 28, Jinjialing Financial District will usher in the Digital Finance Construction Summit Forum with the theme of "Digital Gathering in Qingdao, Rongzhi Sailing". At that time, industry experts and scholars will gather at Qingdao Haitian Financial Center Hotel to discuss the digital transformation of the financial industry, make suggestions for the high-quality development of Jinjialing Financial District’s "Digital Finance Pioneer Zone", and accumulate more experience for digital finance to better serve the digital economy.
Consolidating the foundation: the agglomeration of financial technology companies
Digital finance is the use of digital technologies such as big data, 5G, and blockchain to reduce transaction costs, alleviate information asymmetry, and strengthen risk management. The development of digital finance cannot be separated from the agglomeration of financial technology enterprises.
At present, the financial district has gathered a number of financial technology enterprises and research institutions such as Qingdao Flash Payment Information Technology Co., Ltd., Wan Chain Index (Qingdao) Information Technology Co., Ltd., Jiantou Data Technology (Shandong) Co., Ltd., CCID Research Institute, etc. There are 49 financial technology enterprises, and the digital transformation and innovation of "Bank +" Financial Institution Group are endless, and they jointly support the construction base of digital finance.
In 2019, Qingdao was approved to become one of the national fintech application pilot cities, exploring the use of new-generation information technologies such as cloud computing, artificial intelligence, and big data to improve the quality and efficiency of financial services. As early as 2017, Flash Payment, which focuses on supply chain financial services, was established, and the angel round received 20 million yuan in financing. Up to now, Flash Payment has provided digital technology services to more than 6,600 enterprises, and the cumulative supply chain financial transaction volume has exceeded 57 billion yuan. It has provided innovative solutions and technology and operation services for many core supply chain financial enterprises, commercial factoring, financial leasing, financial companies, banks and other customers. There are many industry leaders in deep cooperation, such as Qingdao Metro, Luhua Capital, Shanghai Shentong Metro, Suzhou City Investment, etc.
On the main track of supply chain finance, the development of digital finance, the financial technology enterprises in Jinjialing Financial District "have their own unique skills". The Wanchain Index, which is good at using big data for corporate credit portrayal, has achieved a good result of helping small and micro enterprises to raise 2.30 million yuan in 35 minutes. Through excellent big data computing and analysis capabilities, the Wanchain Index has raised more than one billion yuan for many small and medium-sized enterprises a year; Shandong Jiantou Technology, which uses "3D reality modeling" to explore new financial scenarios, reduces financing costs and risks through the "visible" and "identifiable" auxiliary financing of collateral. Jiang Mingying, chairperson of the company, once said that Shandong Jiantou Technology has overcome the accuracy and cost problems of "3D reality modeling", achieved efficient, fast and intelligent acquisition, and seized the opportunity in technology.
Digital RMB is one of the "new infrastructures" for the high-quality development of the digital economy and financial industry. The Financial Institution Group in Jinjialing Financial District frequently "tasted" new application scenarios of digital RMB. In May 2022, Qingdao Julang Financial Leasing Co., Ltd. launched the first "digital RMB + digital financial leasing" business in China, and issued financial leases to enterprises in the form of digital RMB to Qingdao Aierjiajia New Materials joint stock company, a national-level specialized and special "little giant" enterprise. The intelligent characteristics of digital RMB have improved financial efficiency. At the same time, the leasing assets are managed digitally in the after-sales and leaseback process, and the risk prevention and Client Server capabilities are improved.
Effectiveness: Deeply empowering the real economy
Financial activity means economic activity, and financial stability means economic stability.
Digital finance is still financial in nature, and its value is reflected in empowering subjects that cannot be reached by traditional finance through technological means, turning the impossible into possible, and promoting the high-quality development of the real economy.
Digitalization has given "inclusive" wings to banks and other Financial Institutions Groups, with the help of artificial intelligence, big data computing and other technologies, to reduce customer acquisition costs, improve the coverage of financial services, and help financial services achieve "sinking" services.
With the blessing of science and technology, data has opened the "wall-breaking action" and become a tool for leveraging financing. China Merchants Bank Qingdao Branch cooperates with the Municipal Big Data Bureau to use decision tree, neural networks and other technologies to build a credit model and demand model for small and micro enterprises, and build a Data Warehouse Interim for financial services for small and micro enterprises, effectively reducing customer acquisition costs. According to information released by the Qingdao Central Sub-branch of the People’s Bank of China recently, this year, China Merchants Bank Qingdao Branch has accumulated 309 new customers through this model, reducing customer acquisition costs by 30%, increasing customer acquisition efficiency by 35%, and issuing loans cumulatively 309 million yuan.
Big data computing power not only improves the quality and efficiency of financial services, but also helps Financial Institution Group to better prevent financial risks. Bank of Qingdao integrates 500,000 pieces of data from multiple data sources to build a risk control rule base and automated decision-making tool for small and micro enterprises’ financial service scenarios, realizes automatic early warning and rapid disposal of various risks, and promotes the transformation of the risk control system from manual decision-making to data decision-making. After the system is launched, 3,140 risk control decisions in loans are automatically made, and more than 5,960 post-loan warning signals are detected, involving about 240,000 customers.
The use of digital technology has helped Financial Institution Group better empower emerging industries. As of the end of April, there were more than 5,000 high-tech enterprises in Qingdao. As talent-intensive enterprises, high-tech enterprises are restricted in financing means. On March 30, Industrial Bank Qingdao branch granted 20 million yuan of credit to Qingdao Kejie Robot Co., Ltd. under the "talent loan" to help enterprises increase R & D and innovation. In the approval of this business, Industrial Bank Qingdao Branch applied an independent innovation "technology flow" evaluation system, from 17 dimensions such as talent labels, intellectual property rights, R & D investment, and science and technology innovation competitions, to accurately quantify the scientific research achievements of scientific and technological talents and the scientific and technological innovation strength of enterprises. This greatly simplifies the information and processes required for traditional credit issuance, and provides enterprises with priority credit without guarantee, so as to strengthen their technological and financial strength with financial technology.
Build an ecology: turn on the financial "traffic light"
Technology helps financial services multiply, but there should be clear boundaries for the integration of finance and technology. While encouraging innovation and ensuring the quality of financial services, financial risks should also be prevented and financial order should be maintained. The "traffic light" system necessary for the development and growth of digital finance is also gradually clear in Jinjialing Financial District.
The most important thing in supervision is the construction of financial rule of law. Since the beginning of this year, the main person in charge of Qingdao Intermediate Court has visited Jinjialing Financial District many times. In April, the Qingdao Intermediate Court and the Financial Management Commission signed a Memorandum of Cooperation, and the two parties agreed to establish a regular contact mechanism to carry out in-depth cooperation in resolving financial disputes and preventing financial risks, and accelerate the construction of Qingdao’s financial rule of law. In June, the Qingdao Intermediate Court’s financial trial workstation was located in the Jinjialing Financial District. The relevant person in charge of the Municipal Intermediate People’s Court said that through the workstation, a high-quality judicial service demonstration base will be built, and efforts will be made to achieve local absorption of judicial needs, local resolution of disputes in the financial district, local provision of judicial services, and local development of circuit trials. By giving full play to the radiating effect of judicial assistance to financial support for the real economy, it will provide judicial protection for the high-quality development of the financial district and the legal business environment
The professional financial and legal service industry has grown in Jinjialing Financial District. Recently, Guantao Zhongmao Law Firm Qingdao branch settled in Jinjialing Financial District. The firm’s business involves financial innovation and capital markets, international trade and WTO, intellectual property protection, corporate restructuring and bankruptcy, traditional commercial litigation and many other financial fields. Its Beijing headquarters has been honored by the Ministry of Justice of the People’s Republic of China. As of the first half of the year, the number of law firms in Jinjialing Financial District has reached 61, building an "iron wall" for financial legal services and financial order maintenance.
Synchronized with the supervision and layout of the red light system, the Jinjialing Financial District Management Committee has given the green light to the policy, striving for the opportunity of the first trial for the Financial Institution Group in the district, and at the same time creating a good ecology, and constantly promoting the progress of the construction of the "Digital Finance Pioneer Zone". In April this year, Jinjialing Financial District issued the "2022 Action Plan for the Construction of the Digital Finance Pioneer Zone", proposing to take the application scenario construction as a breakthrough point, aiming at the "seven major tasks", and strive to gather industries, improve the ecology, innovate the pilot, and optimize the environment, so as to make Jinjialing Financial District a digital finance pioneer zone with wealth management characteristics. In June, the Qingdao Central Sub-branch of the People’s Bank of China and the Qingdao Local Financial Supervision Administration jointly issued the "Guiding Opinions on Supporting the Establishment of a Financial Technology Pilot Demonstration Zone", explicitly supporting the Jinjialing Financial District to build a digital finance pilot zone and further expanding the scale and influence of the digital finance industry.
At the Digital Finance Summit Forum held on August 28, the Digital Finance Industry Alliance and Digital Finance Scenario Application Laboratory led by the Financial Management Commission will be inaugurated, creating a new stage and opportunities for the development of the digital finance industry in Jinjialing Financial District.
The nine-story platform starts from the soft soil. According to the relevant person in charge of the Jinjialing Financial District Management Committee, digitalization is a new impetus for the transformation and upgrading of the financial industry. The construction of the "Digital Finance Pioneer Zone" in Jinjialing Financial District has laid a solid foundation and taken off in an all-round way. In the next step, the Jinjialing Financial District Management Committee will strive for more policies and cheap conditions for the Financial Institution Groups and financial technology enterprises in the district, attract more high-quality digital finance-related projects to settle down, and develop and expand the digital finance industry in the interaction between government and enterprises, so as to help the construction of digital Qingdao to a new level.
(Qingdao Daily/Guanhai News reporter, Ding Qianqian, correspondent, Sui Hua)