How do traditional financial institutions need to transform?

It can be predicted that under the "catfish effect", the opening up of the financial industry will undoubtedly enhance the competitive efficiency and internationalization level of the financial market. Are domestic financial institutions really ready for the new round of financial opening?

"In the short term, foreign-funded financial institutions are more prone to acclimatization, but their risk control ability and product innovation ability are worth learning from Chinese-funded financial institutions; In the medium and long term, after foreign financial institutions are familiar with China's business, they will definitely have an impact on traditional domestic financial institutions. " Zhang Chenghui thinks.

In addition to the different length of time, different business segments will be affected differently. Liu Xiaochun pointed out that the routine business of Chinese financial institutions has not been greatly impacted, but in some innovative businesses, the competition will be fierce.

"Because many domestic financial institutions have defects in corporate governance, they often assume multiple functions and have some policy functions, and their autonomy in business activities is still subject to considerable constraints. Chinese-funded financial institutions must accelerate their transformation. " Zhang Chenghui stressed.

The relevant person in charge of Ant Financial International Business Group said that under the background of China's new round of financial opening-up, financial technology enterprises represented by Alipay pushed China's successful experience to developing countries and emerging economies with weak financial basic services, promoted the development of local inclusive finance and made China's development achievements benefit the whole world. Source: Yang