Business Wire India
The leading global FinTech event, Money 20/20 is held in Hangzhou, China, during November 14-16. It is its first time entering the China market after it was successfully held in the USA, Europe and Asia. Smart Finance Group CEO Jiao Ke was invited to attend the meeting and participated in the panel of “Case studies on how technology is solving problems in lending companies today”. The three-day conference is endorsed by the People's Government of Zhejiang, the People's Government of Hangzhou and the People's Government of Xiaoshan. It has gathered more than 3,000 global FinTech industry experts, over a hundred media outlets and nearly 300 speakers. Top tier companies, such as Visa, Ant Financial, Tencent, J.P. Morgan, Citibank, and Smart Finance Group, all come to the conference to share and discuss industry trends, investment opportunities and the major drives of the industry prospects.
As the largest global innovative conference in the field of payment, FinTech and financial services, Money 20/20 was founded in 2011, and entered China for the first time after its successful USA Conference, Europe Conference and Asia Conference. The first Money 20/20 China Conference covers the entire financial ecosystem with 10 major themes, including “bank innovation”, “smart lending”, “inclusive finance” and so on.
At the conference, the international and domestic participants from the FinTech field proactively and passionately expressed their viewpoints. Smart Finance Group CEO Jiao Ke, Youxin Financial CFO Wang Haichen and Founder & Chairman of Tongbanjie He Jun have a fruitful and deep discussion on “how technology is solving problems in lending companies today”. With its practice in using AI in credit lending, Smart Finance Group CEO Jiao Ke explained how technology can be integrated into financial industry. “At present, the proportion of people in the China market served by traditional financial institutions is still limited. The risk management of traditional financial institutions is based on a small number of strong features, such as bank statements, pay slip, etc. But if we use innovative technology, such as AI, as the risk management, we can serve more people.”
Smart Finance Group is the first large scale player in China to integrate AI technology into the entire credit lending process. It has a self-developed I.C.E. risk management engine, has successfully applied into its own personal credit APP, and has also provided risk management service to other partners in the ecosystem. Now, I.C.E. has found and demonstrated 12,000 effective weak features, and its machine learning models can iterate more than a hundred times each month. The average evaluation speed of I.C.E. is around 8 seconds.
Jiao Ke also shares his wish to the FinTech industry, “We hope there will be more smart, professional and visionary people joining us in the FinTech industry. We also want to have more close connection and collaboration with partners in the whole ecosystem. Then, we can talk about helping more people to enjoy the smart finance.”
The Money20/20 China Conference aims to deepen China in an international perspective. Tracey Davies, president of Money20/20, cited, “China's unique market and domestic appetite to both invent and embrace new FinTech products as the reason to launch this new edition of the leading payments and FinTech event. The rise of FinTech in China is something that no one in this industry can ignore.”
About Smart Finance Group
Smart Finance Group was founded in 2013. Its mission is to leverage technology to enable China’s underbanked population to access credit online quickly and conveniently. The company was the first large scale player in China to integrate AI into the entire credit lending process. Up to now, the company has raised more than RMB 670 million financing.