Huang Qifan: Industrial digital finance is the next blue ocean of financial technology

It is reported that Huang Qifan, the former mayor of Chongqing, said at the Pearl Bay Financial Summit (2023) hosted by the China Finance 40 Forum on February 25 that under the situation of gradually saturated consumer Internet market space, the industrial Internet is an important development direction of the future digital economy, and also a powerful grip to promote China’s economic innovation, transformation and development. Relying on technologies such as the Internet of Things, blockchain, artificial intelligence and big data, industrial digital finance has made the upstream and downstream information and data of the industrial chain fully transparent and hard to tamper with; The first-hand data of full penetration and real-time tracking of assets can be obtained; Real-time monitoring and early warning of potential risks enable financial institutions to see and manage assets, significantly reducing the risk cost of financial services, and is expected to help small and medium-sized enterprises to obtain inclusive financial services in the future, as in the field of consumer finance.

Interpretation of this information:

In his speech at the Pearl Bay Financial Summit (2023), Huang Qifan, the former mayor of Chongqing, emphasized the importance of the industrial Internet in the future digital economy. According to him, with the consumer Internet market becoming increasingly saturated, the industrial Internet offers a powerful opportunity to promote economic innovation, transformation, and development in China. Huang Qifan further explained that the industrial Internet, leveraging technologies such as the Internet of Things, blockchain, artificial intelligence, and big data, has the potential to make industrial chain information and data transparent and tamper-proof. This enables real-time tracking and monitoring of assets, and efficient management of potential risks, which can significantly reduce the cost of financial services. Inclusive financial services for small and medium-sized enterprises are also expected to benefit from this technology, in a way similar to the field of consumer finance.

The message highlights the pivotal role of the industrial Internet and associated technologies in the future of the economy. With the consumer Internet becoming crowded, the industrial Internet can provide a new avenue of growth for businesses. The ability to track and monitor assets in real time can significantly mitigate the risks associated with financial services, thereby making them more accessible to small and medium-sized enterprises. The transparency and tamper-proof ability enabled by these technologies of the industrial Internet can promote innovation, transformation and development of the economy.