Innovating Financial Technology and Escorting the High-quality Development of Smart Finance

(reporter: LI Qiang)

Finance is an ancient industry, which can trace back as far as 2000 BC. Finance is also a young industry, which is always at the forefront of the times, constantly reinventing, upgrading itself, renewing itself for a long time. Now, this old and young industry is ushering in changes once again. At the intersection of many uncertain factors, such as, the epidemic of COVID-19, the world economic structure is complex and the downward pressure is increasing, and science and technology have become the key to the response. The digital wave sweeping the world and the strong rise of the digital economy have brought development vitality and certainty value to thousands of industries.

In terms of digital transformation, the rapid progress of China’s financial industry has attracted the world’s attention. Such achievements are inseparable from the unremitting efforts of top experts and cutting-edge elites in the industry. CAI Peng is such an outstanding “rising wave” in the era of smart finance. Since studying financial engineering at Huazhong University of Science and Technology, CAI Peng has continued to pay attention to the digital transformation of the financial industry and its development trend, focused more on the research and development of intelligent financial solutions, committed to promoting the deep integration of AI technology and the financial industry in different application scenarios, in order to promote the high-quality development of the digital transformation of the financial industry.

As the demand for scenario-based, personalized and intelligent financial industry continues to increase, broader and deeper financial digital transformation has become inevitable. In this context, CAI Peng took the lead in introducing Blockchain technology into the field of smart finance, which is of great significance to the entire financial industry to “Reducing Costs and Improving Efficiency”. “On the one hand, the trust mechanism reshaped by Blockchain will help the financial industry reduce frictional operating costs and fraud, improve service efficiency, business auditability and accuracy. On the other hand, the multi-party collaboration and data sharing mechanism brought by the Blockchain can realize real-time settlement and recording of transactions, shortening the business flow time. However, the high cost of Blockchain technology and high system requirements have always been the difficulties that plagued the application and promotion of the technology.” Said CAI Peng.

He tried to complement Blockchain technology with the technologies, such as the Internet of Things, Encryption, and Big Data, and supported each other with cloud storage and cloud computing. After repeated trials and continuous adjustments, Business Processing System and Blockchain Asset Service Management Platform Based on Big Data was finally innovated and developed, which has generally achieved cost reduction and efficiency improvement in the financial industry. It has the ability to subvert different financial institutions and products.

Business Processing System and Blockchain Asset Service Management Platform Based on Big Data integrates a number of cutting-edge information technologies. In the application layer, it uses the technology of Internet of Things to generate data accurately and timely, Encryption technology to ensure the security of user data, and Big Data to effectively help the platform to mine information. At the infrastructure layer, cloud storage platforms provide storage capabilities, with distributed ledgers synchronized across all nodes to form a cloud storage architecture, while ledger validation is done based on cloud computing architectures. Applied to specific scenarios, it has specific advantages in terms of multi-party participation, complex transactions, sensor information transmission, high degree of transparency in supervision, etc.

In cooperation with a well-known bank in the field of trade finance, the platform combines a series of businesses, such as asset release, capital quotation, transaction matching, inquiry management, etc., to form a set of cross-institutional financial solutions. It has completely solved the pain points of traditional interbank asset transactions, such as, distortion of transaction information, disconnection between transaction matching and delivery, inconsistent multi-subject standards, complex business operations, etc., which won wide recognition and praise. For example, in the scenario of cross-border payment and settlement of banks, the platform can establish mutual trust among participating parties, including payers, transfer service providers, banks, and payees, so as to realize information sharing and monitoring synchronization in the process of performing anti-money laundering and compliance inspections, which will optimize the process, improve the efficiency and reduce the cost of capital occupation. In the inventory financing scenario, the platform can also combine the technology of Internet of Things to conduct on-site and real-time monitoring of the collateral, as well as the safe storage and trusted sharing of the inbound and outbound records and the pledge records, helping the financial services of the supply chain to achieve cost reduction and efficiency increase, along with controllable risks.

Industry experts also have a high evaluation of the Business Processing System and Blockchain Asset Service Management Platform Based on Big Data, saying it has made outstanding contributions to reshaping the asset transaction process between financial institutions, improving transaction efficiency and security, and promoting the leapfrog development of digital finance. In fact, CAI Peng’s achievements are only a microcosm of smart financial practitioners. In the future, it is believed that more and more young financial talents will actively learn more digital financial technologies, continuously innovate business models to implement, truly realize the effective allocation of resources. At the same time, they will further leverage the huge value of financial technology and become a more powerful means of assisting supervision, control financial risks in all dimensions, and continue to advance financial digitalization into a new stage of development.

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