Digital economy powers wealth management in Greater Bay Area

By admin Dec18,2023

Xiao Gang, a senior fellow at the CF40 speaks during the second Mingzhu Bay Financial Forum. /CF40

Xiao Gang, a senior fellow at the CF40 speaks during the second Mingzhu Bay Financial Forum. /CF40

The second Mingzhu Bay Financial Forum was held in Guangzhou’s Nansha district from December 16 to 17, with the theme  focusing on the theme of “Digital Economy and Asset Management: New Trends and New Drivers in the Greater Bay Area.”

As one of the regions with the highest level of openness, economic vitality, and digital economic development in China, the Greater Bay Area is at the forefront of the digitization wave.

Tu Guangshao, a member of China Finance 40 Forum (CF40) Executive Council, said that innovation investment is a very important resource for local scientific and technological innovation.

Former president of Bank of China Li Lihui said that in the development of wealth management, the Greater Bay Area should focus on quality over scale, and resort to digitization, professionalization, and differentiation to enhance its capabilities.

Nansha will promote the integrated development of digital finance and industry from three aspects: strengthening financial services, leveraging the role of the forum as a platform, and increasing financial support for innovation, said Lin Shaoli, an economist of the Nansha Economic and Technological Development Zone.

The “Mingzhu Bay Intelligent Finance Development Report (2022),” released during the forum, pointed out that the emergence of generative artificial intelligence (AIGC), represented by ChatGPT, will pose a profound impact on the financial industry.

It said that AIGC will influence the financial industry by providing fast and accurate information and automated task processing, using the power of technology to drive the financial industry to reduce costs and improve efficiency, and ultimately achieve high-quality development.

The forum was jointly hosted by the CF40 and the CF40 Institute.

By admin

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