We were delighted to partner with UBS for a special series focused on China’s financial sector. Part two of the series, FinTech Platforms: China and Beyond, was hosted on Thursday, April 15 as an interactive roundtable discussion.
Will the Chinese model for digital finance integrate in other markets or will it stand distinct? Chinese tech platform companies have led the world in establishing a total digital lifestyle with embedded finance and consolidated customer interfaces. Recent years have seen concerted efforts to bring this model into line with regulatory frameworks for financial services in China and the Digital Currency Electronic Payment (DCEP) initiative has highlighted new roles and responsibilities in the market going forward.
Globally, the debate continues about how to manage a changing landscape for financial services in a digital economy. Activity based regulation has many promising aspects; however, global standard setters have recently signaled favor for entity-based regulation with an eye on big tech platforms and cloud service providers as critical infrastructure. Data policy and privacy legislation are further redefining the framework for the future of finance in many markets around the world.
This roundtable explored developments in China, trends in embedded finance, and questions about interoperability for the future of international digital finance in a changing ecosystem.