【Metaverse News】The interdependence and mutual promotion of digital economy and digital finance

The "2023 China International Finance Annual Forum" of the Financial Services Special Activity Section of the 2023 Trade Fair was held in Beijing on September 3, with the theme of "Adhering to Integrity, Innovation, and Opening up Leading - Global Economic Remodeling and Financial Industry Transformation". Zhang Bin, Chief Information Officer of China Minsheng Bank, attended and delivered a speech.
Zhang Bin stated that the economy is the organism, and finance is the bloodline. The two coexist and blend together. The digital economy and digital finance are interdependent and mutually reinforcing, and digital finance bears the mission of assisting transformation, deepening services, and supporting the integrated development of the digital economy and the real economy. In his speech, he introduced the practice and some phased achievements of Minsheng Bank in three aspects:

Firstly, vigorously develop scenario finance and innovate ecological banking service models.

He pointed out that in order to innovate the ecological service model, China Minsheng Bank has established an ecological finance department, focusing on the incubation of ecological finance products and business models across strategic cross business fields and cross functional teams throughout the bank, focusing on ecological creation and scenario application, integrating financial services into enterprise operations, government affairs, and personal life.

One is to create a new supply chain finance platform, build a livelihood chain service system, and launch innovative supply chain products such as procurement e, order e, Xinrong e series data credit enhancement financing, and fully connected supply chain bills, meeting the financing needs of small and medium-sized enterprises at different stages of production and operation. The comprehensive service capability of China Minsheng Bank's large, medium, small, and micro integration has been significantly improved. As of the end of June this year, the financing balance of the ecological finance business series products has exceeded 98 billion yuan, an increase of 33% compared to the end of the previous year. Among them, the financing balance of small and micro enterprises has exceeded 38 billion yuan, an increase of 57% compared to the end of the previous year,

The second is to strengthen cooperation in government ecology, actively respond to the deployment of financial budget integration work, take the lead in completing the acceptance of the central financial integration project by the Ministry of Finance, and continue to iterate products and services around scenarios such as medical insurance, education and training, industry fund supervision, non-tax, social security, and housing provident fund. We will launch government procurement fast loans, upgrade a series of financial products such as bidding, banking and law, and housing management, Becoming one of the regulatory banks of the National Off campus Education Training Supervision and Service Comprehensive Platform of the Ministry of Education, and becoming one of the first batch of acquiring and clearing banks for Beijing Medical Insurance Mobile Payment.

Thirdly, we will continue to improve our one-stop financial and sub financial services, and launch the Minsheng Cloud Open Bank brand. As of the end of June this year, we have accumulated business cooperation with over 600 ecological partners, serving 11000 B-end customers and 1.18 million retail customers, with an average daily transaction volume of 300000 transactions.

The second aspect is to iteratively upgrade smart banks and create digital and intelligent financial services.

Minsheng Bank continues to build enterprise level digital capabilities such as digital marketing, risk control operations, channels, and decision-making, restructure the bank's value chain, and continuously improve the quality and efficiency of intelligent financial services.

One is to enhance the intelligent marketing brain, build a closed-loop operation strategy system, improve the level of refined and differentiated services, launch customer data platforms such as CDP, intelligent placement platforms, AB experimental platforms, etc., continuously upgrade the ability to monitor, analyze, and optimize the reconstruction of enterprise level digital customer journeys, launch active credit products for legal persons and individuals, and empower the development of small and micro enterprises.

The second is to improve the intelligent risk control system, connect with third-party data, build a risk graph, and add over 390 risk indicators and 3700 risk labels.

The third is to promote intelligent operations and remote banking, provide customers with more convenient and efficient financial services, actively apply account robots, and achieve online information change business for more than half of enterprises.

Fourthly, we will strengthen the construction of digital channels and operational capabilities, and continuously improve the smart tags and user experience of mobile banking by focusing on the three long statements of assets, revenue and expenditure, and profit and loss.

The fifth is to enhance intelligent management and decision-making capabilities, relying on the integrated data system of lake and warehouse, to create an agile, intelligent, and open BI platform, and continuously build a standardized, consistent, and complete analysis index system, achieving digital support and empowerment for businesses such as public, retail, and risk.

Thirdly, we will continue to make efforts in cross-border finance to assist the development of small and medium-sized foreign trade enterprises.

Implementing the national policy of stabilizing foreign trade and promoting trade facilitation, Minsheng Bank has launched a business brand called Minsheng Cross border. Focusing on the five core business demands of enterprises in cross-border financial activities, including capital appreciation, foreign exchange derivatives, payment settlement, trade financing, and international credit, Minsheng Bank provides a one-stop service platform for enterprises with a full range of profit, exchange, exchange, financing, and loan account product maps. As of the end of June this year, the cross-border RMB settlement volume of our bank has increased by over 135% year-on-year. At the same time, Minsheng Bank actively participates in the pilot projects of the international trade single window and the cross-border financial service platform of the State Administration of Foreign Exchange, and uses digital technology to improve the level of cross-border financial services, continuously meeting the diversified business needs of small and medium-sized foreign trade enterprises.

Finally, he emphasized that the digital transformation of today's society is the trend of the times, and various industries are competing to change, open up new tracks, and create new engines. In the early stage, Minsheng Bank seized development opportunities and deepened the construction of digital finance, achieving phased results. In the future, Minsheng Bank of China will firmly grasp the theme and main line of digital finance development, persistently promote digital transformation, and strive to launch more and more competitive digital financial services, promote the development of the real economy with high-quality services, and promote the high-quality development of the digital economy with digital and real integration, striving to contribute more to the construction of digital China A great force for people's livelihood