The fourth World Internet Conference concluded on December 3 in the East China town of Wuzhen, with the theme of “Developing the digital economy and promoting openness and sharing - Joining hands to build a community of shared destiny in cyberspace.” During this period, representatives of the Internet industry may start the next digital revolution. As the representative who has been invited for four times in a row, NCF Group CEO Sheng Jia, based on his years of experience in the Internet industry, stated that “China’s Internet technology has developed rapidly in recent years, and technological innovation continues to emerge. In the future, China will lead global digital technology in innovation and development.”
Global Sharing of China's Digital Economy Achievements
The global digital economy requires open, shared and coordinated development. There is no doubt that China will play a significant role in the process. Like the Silk Road connecting China and West Asia back then, a “Digital Silk Road” is being built by China and is gradually developing. Sheng Jia believes that with the rapid development of digital technology in China, China has more say in the field of the Internet. He also mentioned that China has the largest number of Internet and mobile users in the world, and Chinese people have the spirit of innovation, openness and inclusiveness, which helps China rapidly integrate in each area of the global digital economy.
NCF CEO Sheng Jia interviewed by CCTV reporter
At this year's “'One Belt and One Road' International Cooperation Summit Forum” in May, China proposed that “we should adhere to innovation-driven development, strengthen cooperation in frontier areas such as digital economy and nano technology, promote the construction of intelligent cities, and connect them and build a Digital Silk Road of 21st century.” At the same time, “building an open, inclusive, reciprocal, balanced, and win-win economic globalization system” is also one of the proposal of the “Belt and Road Initiative.” This means that China has the responsibility and motivation to work together with other countries to give play to digital technology as an advanced productive force, share its own achievements and experience, and allow the entire society to enjoy the benefits of the digital economy.
In fact, the dividends released by the development of China's Internet are also spreading to the world and have become the fruit shared by the globe. In recent years, NCF Group has expanded its layout in overseas markets including US, UK and Southeast Asia, and has continuously increased its international service levels. The group’s NCF Global is committed to build a globally integrated, comprehensive financial service platform. It helps customers achieve overseas and cross-border asset allocation and financial transactions. The group’s listed company Chong Sing Holdings has purchased shares and merged a number of Southeast Asian technology companies, hoping to open up Southeast Asian market rapidly. So far, NCF Group has provided financial services for thousands of SMEs and millions of individual users.
In Sheng Jia's view, the internationalization of digital technology will become an important trend, and the digital economy will also be an opportunity for Chinese companies to “go global” again. He stated that “Chinese companies must seize the big share of overseas markets and export technological products, technical services and other capabilities to overseas companies, and meanwhile continuously improve the level of overseas services and expand the sharing of digital economy."
“Leave the virtual and turn to real” - New trend of financial technology
According to statistics, during the “12th Five-Year Plan” period, China’s Internet economy’s share in GDP continued to rise, reaching 7% in 2014, exceeding that of the United States. In 2016, China’s digital economy scale reached 22.4 trillion yuan, accounting for 30.1% of GDP. According to the “Global FinTech survey China summary 2017” published by PWC, China's FinTech has been leading the world in quantity and quality, especially in its practice. Sheng Jia believes that the rapid development of China's digital economy cannot be separated from the government’s great attention and strong support. For instance, the report of the 19th National Congress explicitly points out that China needs to build as a cyber power, a digital China, a smart society. China will also promote the deep integration of the Internet, big data, artificial intelligence, and the real economy. At the same time, China’s booming economy and the world’s largest smartphone market contribute to the fact that China’s digital economy is leading around the world.
Under the guidance of national policy, many companies have accelerated the research and development of digital technology. NCF Group led by Sheng Jia is one of such pioneers. Its business segments include finance management, wealth management, third-party payment, crowd funding, foreign currency exchange, blockchain, big data, artificial intelligence, intelligent investment, Robo-Advisor etc, leading in many segments. In the "Light of the Internet" exhibition hall of this conference, NCF Group set the theme of the 45-square-meter booth as “FinTech World”, showing services and products including the financial technology open platform, the listed company Chong Sing Holdings, life service platform, integrated currency exchange and Kartor. “This presents our results of years' hard work to the public as well as expresses our determination and motive to continue to provide services to entity economy,” said Sheng Jia.
NCF Group “FinTech World” Thematic Booth
As early as 2016, NCF Group has set up a lab. So far it has applied for dozens of intellectual property patents independently researched & developed, and applied scientific research results to services like third-party payment, online loan depository and electronic contracts, improving financial service efficiency significantly. Meanwhile, NCF has already applied the technological innovation results to the anti-fraud system.
NCF Group’s products and services attract many professional visitors
“The application of these new technologies has great significance for the financial services real economy, improving the efficiency of financial services, and achieving inclusive finance. “Leave the virtual and turn to real” is the basic law of the financial industry and the trend of financial technology,” said Sheng Jia. At present, the influence of Internet innovation on rapid development of the financial industry promoting economic and social development is without doubt positive. While as pointed out in the report of the 19th National Congress , we must put the focus of development on the real economy. Internet innovation, especially in financial science and technology, must not leave the root of the service entity. As a witness to the development of China's Internet industry and digital economy, Sheng Jia said with deep feelings, “In the past three years, I have witnessed the explosive growth of Internet technology in China, the tremendous changes brought about by digital economy, and I have realized the importance of China’s digital technology innovation on the world stage. In the future, the opportunities and achievements of the Internet's prosperity and development will also benefit us all.”
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