Shanghai: A Hub for Global Digital Finance, Powered by AI for Cross-Border Inclusivity

Tech 2024-09-05 21:22:42 Source: Network

Shanghai: A Hub for Global Digital Finance, Powered by AI for Cross-Border InclusivityIn a world swept by the tide of artificial intelligence, fintech innovation and industrial digital transformation are accelerating. Shanghai, an international financial center, is embracing digital transformation with its unique advantages, becoming a "desired destination" for global financial and digital technology companies

Shanghai: A Hub for Global Digital Finance, Powered by AI for Cross-Border Inclusivity

In a world swept by the tide of artificial intelligence, fintech innovation and industrial digital transformation are accelerating. Shanghai, an international financial center, is embracing digital transformation with its unique advantages, becoming a "desired destination" for global financial and digital technology companies. On September 5th, at the 2024 InclusionBund Summit's main forum, "Crossing Boundaries: Digital Innovation Unleashing Global Potential," guests from American Express, HSBC, Indonesian payment leader Dana, and Ant Group International engaged in lively discussions surrounding digital innovation and the development of global inclusive finance.

A Century of Shanghai: The Vibrant Source of Financial and Technological Integration

Mohammed Badi, President of Global Network Services at American Express, reminisced about American Express's maritime business in Shanghai a century ago. Today, Shanghai's vibrancy and achievements in fintech innovation attract growing attention from international peers. Michael Wallance, Global Head of Transaction Banking for Wealth & Personal Banking at HSBC, also expressed his deep affection for Shanghai and China, stating his intention to expand areas of cooperation with both.

Digital Payment Innovation Ignites the Passion of Asian Startups

Vince Iswara, founder and CEO of Dana, a leading Indonesian payment platform, highlighted Shanghai's unique attractiveness for Asian startups. He believes Shanghai has become a hub for digital payment innovation, constantly generating new breakthroughs, offering valuable learning opportunities for global digital technology companies, particularly entrepreneurs in emerging markets.

Ant Group International: Cross-Border Digital Innovation Empowers SMEs to "Go Global"

Shanghai: A Hub for Global Digital Finance, Powered by AI for Cross-Border Inclusivity

As the headquarters of Alipay, Shanghai is also the starting point for Ant Group's various cross-border businesses. Yang Peng, CEO of Ant Group International and Senior Vice President of Ant Group, introduced Alipay's collaboration with Shanghai Bank and how Alipay+ cross-border payment technology provides seamless payment experiences in China for cardholders of seven major card organizations and users of 13 payment applications in 10 regions.

Shanghai is also a vital hub for Ant Group's cross-border SME digital payment services. Yang Peng stated that the two business teams, Wanlihui and Antom, have undertaken significant fundamental technological innovation in Shanghai, collaborating with numerous outbound platforms to deliver secure and convenient global payment services for SMEs.

Breaking Down the "Paywall" Inclusive Finance Goes Global

How can cross-border digital innovation break down the "paywall" for SMEs and achieve inclusive finance? Wallance believes traditional financial institutions have a lot to offer in mobile innovation. HSBC has discovered that small and medium-sized entrepreneurs are "passionate" about mobile technology, which is why they continue to develop settlement and data analytics features tailored to the needs of small businesses within their banking software, assisting them in the flow of goods, merchandise, and funds.

Badi pointed out that American Express has accumulated extensive experience in the SME service market in the US, and he looks forward to collaborating with Ant Group in the face of new technological trends, applying this expertise to international trade to help more small sellers and buyers participate in the global market.

Yang Peng emphasized that the future of inclusive international work will focus on global financial services, particularly inclusive SME credit services. Using Mexico as an example, he noted that only 47% of the population has bank accounts, and their per capita GDP is only $13,000, significantly hindering the development of entrepreneurs and the community economy. He hopes to leverage digital technology to help more local partners bridge the digital divide.

Web3 Technology Empowerment for Building a Safer and Faster Cross-Border Transaction Network

Yang Peng also touched upon the new developments in global infrastructure, noting that over 70 countries and regions have implemented domestic instant payment systems, complemented by open banking services for cross-border payment collaborations. Through government and enterprise partnership projects, incorporating new Web3 technology will construct a safer and more efficient cross-border transaction network, enabling faster and more affordable payments for SMEs.

AI-Enabled Privacy Computing Creates New Data Security Sharing Model

In the era of AI and innovative cross-border activities, security and risk control are crucial focus areas for businesses. Yang Peng highlighted that AI-powered privacy computing can truly protect data ownership, allowing data owners to share data securely while developing better services and business models.

Dana founder Zhang Shenyuan added that these technological innovations hold significant value in cross-border scenarios, helping break through the "paywall." He noted that many small businesses aspire to go international, but high technical costs, information imbalances, and limited resources act as "paywalls" hindering their growth. Through an open collaboration ecosystem, they can jointly build a seamless digital technology support system, making the best tools readily accessible.

Asian Experience Leads the Way for a New Wave of Digital Innovation

What insights can Asia offer the world in the next wave of digital innovation? HSBC's Wallance believes Asian counterparts are constantly pursuing a better user experience - smoother and more convenient, citing Alipay as an example of a super app.

Badi pointed out that the Asian market is dominated by super apps, while users in Western countries are still adapting and even accustomed to multiple single-function software.

Zhang Shenyuan explained that for emerging markets with large populations and underdeveloped traditional infrastructure, like Indonesia, apps remain the primary gateway to the digital world. Leveraging the rapid advancements of AI and digital tools provided by companies like Ant Group International, entrepreneurs can now quickly create digital storefronts and even develop apps, streamlining operational processes for small businesses. This has significant implications for inclusive services and improving overall economic efficiency.

Badi concluded by expressing his anticipation of engaging in more technological collaborations and business investments in China, starting from Shanghai, to play a bigger role in this critical market.

Conclusion: Shanghai, a "desired destination" for global digital finance, is embracing digital transformation with an open mindset, continuously driving innovative collaborations to contribute to the development of global inclusive finance. Asian experiences and innovative models will play an increasingly vital role in the global digitalization process.

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