Chinese Firm Predicts Greater Fintech Collaboration with US

Chinese US
ast week’s Lendit conference in New York had myriads of interesting speakers and the event has mushroomed in size and attendance since first launching in 2012.  They also now have events in New York, China and Europe.  One woman who spoke at the event is Chinese Lu Guo, vice president of Hanfor Holdings, an asset manager and industrial park developer.  In her speech, she noted that fintech in the US and China had different directives and it was their hope that there would be more international collaboration moving forward. 
(Cindy Taylor/Publisher)

“Guo Lu, vice president of Hanfor Holdings Co (Hanfor), a leading Chinese asset manager and industrial park developer, shared the company’s insight into the FinTech industry, and called for closer cooperation between Chinese and U.S. FinTech businesses at the 2017 LendIt USA conference, one of the world’s biggest FinTech events.

At the event, Guo gave a speech entitled “Irreversible Globalization — Fintech in China and the US Move Rapidly towards Integration,” sharing the company’s vision for an increasingly inter-connected future in the FinTech space.

Guo said that despite huge differences in sector growth models between the two countries — U.S. FinTech companies focus more on driving efficiency in an already established financial system, while China’s aim to reinvent a less-mature financial market — Chinese and American FinTech companies will increasingly converge in various areas, spawning new models, standards and services.

Such a trend, driven by the equalizing power of technology, is already seen in many other areas in China. For example, the credit card, a popular financial payment method in western countries, is being overtaken by other methods in China, such as electronic payments via smartphones, prodding Chinese and U.S. financial services companies to collaborate and integrate in face of fresh challenges and opportunities, Guo said.

Similarly, the irreversible trend of globalization will also stimulate cooperation between Chinese and U.S. FinTech companies, Guo predicted, adding that for overseas FinTech firms wishing to enter China, it’s crucial to find a local partner with a deep understanding of regulatory policies, good government relations, sound experience in financial market operations, sophistication in risk-management, global vision and effective execution. It is these focuses that have been the hallmarks of Hanfor’s growth strategy…

Hanfor’s FinTech business is young, but is growing rapidly. Its FinTech division, Nuoyuan Technology, was launched just a year ago, but is already one of China’s top 30 FinTech firms, having won respect from its peers with its solid risk control.

“With an ambition to disrupt the traditional financial market, and provide financial services for the entire population equally and conveniently,” Yingzhu Shen, the Executive Deputy General Manager of Nuoyuan Technology said, “Hanfor looks forward to joining hands with FinTech companies in the U.S. and around the world, so as to better seize the immense opportunities emerging from China’s rapidly evolving FinTech industry as the country further deregulates its financial market.”

Source: PR Newswire