Huifu to Host Smart Finance Forum During WAIC 2018
Huifu Limited (01806.HK) is authorized by the organizing committee of the World Artificial Intelligence Conference (WAIC) 2018 to host on September 18 the Smart Finance Forum as part of the Conference. The Forum will be the sole finance-related event during this three-day AI-themed conference.
Co-organized by the National Development and Reform Commission, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, the National Internet Information Office, the Chinese Academy of Sciences, the Chinese Academy of Engineering, and the Shanghai Municipal People’s Government, the Conference will discuss and showcase the latest AI developments from September 17 to 19, aiming to embrace the new wave of global technological revolution and industrial transformation, in an effort to support the national strategy for innovation-driven development and promote Shanghai’s role as a globally leading powerhouse for innovation.
Titled “A New Era Empowered by AI”, the Conference, characterized by its “globalization, sophistication, specialization and marketization”, will promote the integration of commercialization, study, research, application and investment within the AI industry through summits, special activities, expos and innovation contests.
AI is reshaping the future of the financial industry
In recent years, emerging technologies such as AI, big data, 5G, Internet of Things, blockchain, and cloud computing have sparked a “smart revolution” around the world.
As a key area in China’s strategic industrial upgrading, AI was first mentioned in the Report on the Work of the Government in 2017, marking the fact that China is eyeing AI’s development as part of its national strategy.
With the rapid development of internet finance and fintech, AI has been playing an increasingly important role in the financial sector. Risk management and financial services are the two most representative areas in this regard, a number of innovative applications and achievements have been seen put into use, including smart credit approval process, risk management and anti-fraud, customer identity authentication, smart investment advisory, AI-based quantitative trading, self-service bank, smart customer service, etc.
Therefore, the Next Generation AI Development Plan issued by the State Council on July 20, 2017 raised for the first time the concept of “smart finance”, and highlighted key works such as establishing financial big data systems, innovating smart financial products and services, employing intelligent technologies and equipment, and establishing a smart risk alerting and prevention system.
Huifu comes to the fore by continuously improving its competitiveness
Thanks to its outstanding achievement in the field of smart finance in recent years, Huifu gets authorized to host the only finance-related forum within the organization of the WAIC 2018.
According to statistics, Huifu has been committed to the provision of comprehensive payment service and solutions for small and micro merchants and vertical industries for 12 years since its establishment in 2006. Huifu has served more than 5,800,000 small and micro merchants and 4,000 companies in vertical industries across China.
Notably, Huifu is the only payment service provider receiving a special fund for the innovation and development of AI from the Shanghai government in 2017. Recently, by virtue of its robust and compliant operation and strong fintech capacity, Huifu outshone a number of competitors and thus featured in the “Most Competitive Fintech Businesses in China 2018” ranking.
Fintech contributes to the growth of company in building healthy ecosystem
Huifu has been listed on the Hong Kong Stock Exchange since June 15, 2018, known as the “very first listed payment stock”. The company’s recently issued interim report shows that, owing to strong growth in payment transactions, Huifu is expected to register an increase in net profit by over 70% if the expenditure for the exercise of share options granted under the employee share scheme and a lump sum of IPO cost are not considered.
The research report by Guosen Securities indicates that, Huifu, as a third-party payment service provider, has long offered serviced enterprises in vertical industries by providing a wide variety of customized solutions. Therefore, the independence and all-roundness of Huifu contribute to its vacation of establishing an ecosystem through fintech.
Because of that, Huifu has been constantly investing in R&D in recent years. Its prospectus shows that about 1/3 of the raised funds will be used to “strengthen the Group’s technical system and R&D capacity”. In 2017 Huifu has input about RMB 130 million in R&D, accounting for nearly 8% of its total operating revenue.
The company believes that, with the idea of “global vision and open sharing” as the Smart Finance Forum’s principle, government officials, senior industry experts, global scholars and figures from all walks of life, are to be invited to participate in the forum – they will share insights on the development of “smart finance” in the future, in terms of industrial policy and industry mega trends, opportunities and challenges brought by the commercialization of AI, and best applicative initiatives of AI in the financial industry.