Chongqing- The second sub-forum of the 2023 China-Singapore (Chongqing) Connectivity Financial Summit (CCI-FS) was held on April 21 to explore new paradigms in financial technology and promote innovative development through international cooperation. 

Distinguished industry figures deliberated how China and ASEAN can further strengthen cross-border institutional cooperation under the Regional Comprehensive Economic Partnership (RCEP) framework and the future implementation of technological advancements in digital currency, bills of lading, and regulation. 

Chongqing,  located in Southwest China with strong influence, is a famous historical and cultural metropolis. The construction of the Chengdu-Chongqing economic circle and national strategies such as the New International Land-Sea Trade Corridor have undergone extensive promotion recently. At the same time, the CCI-FS has achieved new results in high-quality development. 

These initiatives played a significant role as Chongqing's regional GDP totaled 2.91 trillion yuan (about USD 422 billion) in 2022, and the economic performance in the first quarter of 2023 grew 4.7% on the previous year.

Opening speaker Zhang Anjiang, Deputy Mayor of Chongqing Municipal People's Government, emphasized that finance is the lifeblood of a real economy and that virtuous cycles in technology and industry provide important support for high-quality development. 

As financial services, reform, and innovation are strengthened, along with the promotion of opening up and digital transformation, Chongqing is striving to build a highland for the development of science and technology development in the financial arena of Western China.

"We have established the National Financial Technology Certification Center in Chongqing this year and have introduced enterprise headquarters such as Ant Group, JD Digits, and Mi Finance. There are over 1900 financial institutions and organizations of various types in the city, while the number of foreign-funded, A and H-share listed banks ranks first in the western region." Deputy Mayor Zhang explained.

The application of financial technology has been expanded through the promotion of digital RMB pilots, with 6.94 million digital wallets opened and a total transaction amount of 3.67 billion yuan. Meanwhile, further construction in big data financial platforms such as Yukuairong has assisted enterprises in raising more than 250 billion yuan in financing.

CCI-FS serves as a platform to further deepen opening up and cooperation in financial technology, create new industry clusters, promote high-quality development through innovation mechanisms, and provide a leading demonstration area for financial technology standards to stimulate vitality and accelerate the construction of a western financial center.

Song Hua, Professor and Doctoral Supervisor at the Business School of the Renmin University of China, stated today is an era where financial technology empowers industry, meaning that finance should be matched and integrated with industry needs to promote activation and resilience in the sector.

"Many guests have spoken about the impact of technologies on the industry today, including blockchain and artificial intelligence. Only through digitalization can technology empower finance in a kind of industrial eco-system."

In his forum address, deputy manager Li Mao announced the Chongqing National Financial Technology Certification Center's official launch and evaluation standards for service capabilities in financial technology. These standards cover 105 evaluation indicators through a multi-dimensional and systematic mechanism that accurately displays industry capabilities through enterprise ratings.

The adoption of unified evaluation standards within the cooperation framework between China, Singapore, and ASEAN members in the future means this certification process will become interconnected and mutually recognized. 

"Based on comprehensive, scientific, and accurate assessments, we will deeply explore the sore points encountered in the development of financial technology enterprises, leverage our advantages, make up for deficiencies, and improve the quality and efficiency of services to promote high-quality and stable development in the finance industry," explained Li.