Huifu’s Jerry Zhou: Thanks to OBOR, China Payments Industry Sees Huge Potential

2019-11-14

 

November 12, 2019. Shanghai – The Belt and Road Forum for ICT Industry International Cooperation 2019 was successfully held under the guidance of Shanghai Municipal Commission of Economy and Informatization and Shanghai Municipal Commission of Commerce.

With the theme of “ICT Belt and Road Cooperation, Shaping a Brighter Shared Future for Industry”, the forum gathered more than 1,000 politicians, diplomatic envoys, experts, scholars and industry representatives from various countries to discuss ICT “Belt and Road” cooperation in the era of digital economy. Wu Qing, Member of the Standing Committee of CPC Shanghai Municipal Committee and Deputy Mayor of Shanghai Municipal People’s Government, Li Zhaoxing, Former Minister of Foreign Affairs, Chen Mingbo, Deputy Secretary General of Shanghai Municipal People’s Government, Fu Xinhua, Deputy Director of Shanghai Municipal Commission of Economy and Informatization, and Lai Xiaoyi, Deputy Inspector of Shanghai Municipal Commission of Commerce, attended the forum and delivered speeches.

Wu Qing, Member of the Standing Committee of CPC Shanghai Municipal Committee and Deputy Mayor of Shanghai Municipal People’s Government, attending the forum and delivering a speech

Li Zhaoxing, Former Foreign Minister of People’s Republic of China, attending the forum and delivering a speech

Jerry Zhou, Chairman and CEO of Huifu Payment, was invited to attend the forum and make a keynote speech. He gave an in-depth interpretation of the international opportunities brought by the “Belt and Road” Initiative to the payment industry.

Jerry Zhou, Chairman and CEO of Huifu, making a keynote speech

According to estimates from relevant agencies, China’s digital economy has grown at an average annual rate of 20% in the past three years. The digital economy can help boost productivity of various industries, create new industries, and establish a sustainable economic system. It has gradually developed into a major engine of economic development. In the future, the digital economy may contribute 10% or even 50% to global GDP growth, marking the arrival of the era of digital economy. In this context, how can we seize the opportunities in the payment industry?

Reviewing the evolution of China’s payment industry from imitation to innovation, Jerry Zhou said that technology has been changing payments continuously, from cash, bank cards to electronic wallets, digital currencies and blockchains. With the wide application of cutting-edge technologies such as blockchain, artificial intelligence, cloud computing, big data, 5G, etc., the payment industry will accelerate its changes in a more efficient and intelligent manner. In the context of globalization, especially under the “Belt and Road” strategic framework, facing the strong development of digital economy, payment companies should seize the opportunity of “Digital Transformation” to further empower the globalization of individual users, enterprises and retail industries.

For individual consumers, digital payment has made payment more convenient in consumption, thus making it possible to provide value-added services, such as cross-border remittances, fund management, wealth management and credit management. For enterprises, digital payment has realized online management of funds, integrated retail, distribution chain and industrial supply chain, and relied on new technologies to reduce cost and improve efficiency for enterprise customers in all aspects, so as to enhance industrial synergy. For cross-border business, the payment industry should seize the opportunities brought by globalization of the retail industry to provide more efficient and intelligent international settlement services.

Thanks to the “Belt and Road” Initiative, China Has Huge Potential in the Payment Industry

As regards ICT “Belt and Road” international cooperation, Jerry Zhou believes that with great opportunities brought by the “Belt and Road” Initiative to the payment industry, China has huge potential in this field.

Thanks to the synergy of the applications of innovative technologies, business models, regulators, markets, etc., China has become a leader in the global payment industry after several years’ development. It should share its payment capabilities and technologies with the countries along the “Belt and Road”, jointly promote payment infrastructure construction and spread innovative payment applications, which will both lower transaction costs and provide convenient and thoughtful payments and financial value-added services to consumers and merchants. Besides, it can also bring digital opportunities to companies in various countries and work together to promote the development of cross-border trade, thus empowering the “Belt and Road” Initiative.

 

 

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