Financial Technology "Big Business" in the Second Half of Billion Asset Management Market

Financial Technology "Big Business" in the Second Half of Billion Asset Management Market

At present, the development of financial technology in China has entered a stage of rapid growth, and the rapid development of new technologies has deepened the application of financial technology. From the global development trend, the application of science and technology in the field of asset management has become the mainstream. Since 20 17, investment banks and fund companies on Wall Street in the United States have gradually entered the field of digital asset management. Last year, JPMorgan Chase forced its new asset management analysts to learn programming languages, and digital algorithms and machine learning were also put on the agenda.

In the eyes of the industry, financial technology has entered the "deep water area", and asset management technology is expected to become another breakthrough point of financial technology.

Asset management is facing a new situation of "quadruple superposition"

According to statistics, before the storm warning was supervised in 20 12 to 20 16, the total scale of China's asset management industry maintained a strong growth trend, expanding rapidly from 20 trillion yuan to 100 trillion yuan in five years.

Moreover, at present, China has liberalized the restrictions on the shareholding ratio of foreign capital to financial institutions, allowing the shareholding ratio to be 5 1%. Therefore, overseas asset management giants are also eager to enter the China market to share the industry development dividend, and domestic institutions will face greater competitive pressure.

Li Dongrong, president of China Internet Finance Association, said that at present, China's asset management industry is facing a new situation of "fourfold superposition", namely, the critical period of economic transformation, the deepening of financial opening-up, the accelerated period driven by science and technology and the critical period of industry reform.

Especially in the acceleration period driven by science and technology, although new financial scenarios and traffic portals have been opened up, the technology and finance model is still too single, and it is mostly limited to mobile payment, online card issuance, internet finance, consumer finance and other fields. In this regard, JD.com CEO Chen Shengqiang said that the asset management industry has reached 125 trillion, while Internet financing is currently only 10 trillion, accounting for less than10%; The industry-wide scale of credit business is 150 trillion, while online credit is currently only 3 trillion, accounting for only 2%; Even the most mature mobile payment business only accounts for 10% of the payment and clearing industry.

Financial technology will become the new engine of asset management industry.

Asset management business has two characteristics, namely, taking "cash pool" as the smallest business unit in the asset management industry; "Asset management products" and "managers" are naturally separated.

Logically speaking, the manager has no obligation to provide guarantee for the principal income of other investors, and has no obligation to make compulsory payment. This makes the asset management industry not rely on the trustee's credit since its birth, but emphasize the diligence of managers and the risks of investors.

Therefore, Li Dongrong believes that the asset management industry needs to further improve the supply quality and level of the asset management market, promote the application of financial technology in the asset management field in an orderly manner, and do a solid job in investor rights protection and risk education.

The Guiding Opinions on Standardizing the Asset Management Business of Financial Institutions (hereinafter referred to as the new asset management regulations) clearly points out that before the introduction of the new asset management regulations, the operation methods in the asset management field, such as non-standard investment, rigid redemption, layer-by-layer nesting, fund pool, etc., are very characteristic of the financial industry, with low information transparency and high offline dependence. Although the market scale is growing rapidly, this business model is relatively simple, with low technical requirements and high risks. Therefore, the willingness to lead many asset management institutions to be scientific and digital is not very strong.

"After the introduction of the new regulations on asset management, it has become a trend to break the management of just exchange and net worth. Not only do the people's financial management concepts need to be updated, but the model of the asset management industry also needs to be upgraded. " Chen Shengqiang believes that in the asset management industry, financial institutions need a complete set of digital solutions to improve the digital level of the entire value chain. Asset management institutions need to improve five abilities in an all-round way, namely, the ability to discover high-quality assets, the ability to design products, the ability to invest in research, the ability to price risks and the ability to trade quickly.

After the implementation of the new regulations on asset management, new regulations on wealth management business and management measures for wealth management subsidiaries have been released one after another. In the same period, a number of banks announced plans to set up wealth management subsidiaries. 20 19 is regarded by the market as the first year when banks began to develop their wealth management subsidiaries. Liu Guiping, president of China Construction Bank, said that at present, the asset management scale of China Bank is over half, and the high-quality development of its products plays an important role in the asset management industry.

Liu Guiping also stressed that the future development of bank financial subsidiaries must cultivate strong financial technology application ability, rely on advanced and effective financial technology to complete the life cycle management of asset management products, fully complete customer management and relationship maintenance, and enhance differentiated competitiveness.

Sun, chairman of Jianxin Fund Management Co., Ltd. said that financial technology will become a new engine for the development of the asset management industry, promote the industry to realize the transformation from "empirical investment+statistical investment" to "scientific investment+smart investment", and help asset management products and investments accurately meet individual needs.

Not only empowering business technology, but also new tasks.

Faced with the rapid development of technology and finance, especially in the loose monetary environment, there are always some unqualified institutions and individuals who try to use illegally borrowed credit to trade or seek illegal interests. How to realize risk control and asset management supervision?

Pan Ling, deputy general manager of the Financial All-in-One Investment All-in-One Business Center, said that the traditional contract management model has some pain points, such as low efficiency, high operational risk and long time-consuming. At the same time, it is highly dependent on business and legal personnel to manually check laws, regulations and regulatory requirements on a regular basis, so it is difficult to monitor the performance of contracts, and it is even more difficult to monitor risks in real time. To break these pain points, intelligent products should be standardized, labeled, intelligent, automated and streamlined, and advanced means should be used to break down information barriers, realize the penetration of underlying assets and avoid the risk of contract fraud; And intelligent comparison and identification verification are carried out to realize online and intelligent contract management.

For example, the Alpha intelligent contract cloud platform launched by Financial Account Link uses the traceability and non-tampering characteristics of blockchain technology to link the underlying assets of the contract into the chain, and combines cryptography technology, original zero-knowledge proof library and authorized encryption and decryption mechanism to realize the registration and tracking of the underlying assets, so that stakeholders can clearly understand the real assets in the chain in real time. The platform also registers the whole process of calling, editing, generating, signing and fulfilling the contract template in the blockchain. As a node of the blockchain, the contracting parties can automatically synchronize the contract data, realize the "fidelity" of the signing mark and the contract, lay a safe and reliable trading foundation, and greatly reduce the trading risk.

Pan Ling said that all financial institutions now attach great importance to the empowerment of financial technology, but for practitioners, it is not enough to empower their own business with technology, especially the internal control process can not only rely on paper regulations and personnel self-discipline, but also rely on business management. Only in this way can we comprehensively improve the service efficiency and risk prevention ability of financial institutions.

"Supply-side structural reform is simply to make science and technology work." Li Yang, member of the China Academy of Social Sciences and chairman of the National Finance and Development Laboratory, said, "The supply-side reform of finance is to vigorously develop financial technology. With the implementation of the new asset management regulations and further reform and opening up, financial reform will enter a new era. "