With the theme "FinTech Promoting the Development of Digital Economy," a parallel session of the 2020 China-Singapore (Chongqing) Connectivity Initiative Financial Summit was staged in Liangjiang New Area on November 24.

Experts from home and abroad gathered to discuss how to expedite the digital transformation of various economic and social fields through empowering finance with new technologies.

Francisco Dakila Jr., Deputy Governor of Bangko Sentral ng Pilipinas, pointed out that the application of fintech needs to focus on how to provide better decisions for traditional market participants to lower costs and prices of financial services.

He expects that fintech solutions can increase the local payment demand in the Philippines by 40%, especially for micro-, small and medium-sized enterprises, thus exerting strong financial inclusion capabilities.

Zhu Guang, CEO of Du Xiaoman Financial, said that advancing the digital economy with fintech requires solving difficulties in the traditional financial field.

To address the common problem of financing difficulties for micro and small-sized enterprises in Liangjiang New Area, Du Xiaoman Financial relies on artificial intelligence to build a powerful financial "brain." They use natural language processing to analyze relevant data from Baidu, partners, and local governments, increasing the credit utilization ratio of micro and small-sized enterprise owners by about 20%.

According to a senior chief economist of Bank Indonesia, fintech and bank digitization need to evolve together. Meanwhile, the central bank's core intelligence must be advanced, focusing on improving its core role in policy formulation, payment system construction, and currency flows.

In addition, Liu Yong, Dean of Zhongguancun Internet Finance Institute, believed that new technologies such as contactless finance and loans had made great development due to the epidemic this year. The application of fintech in the digital economy has a huge market to be explored.