South-South Cooperation in the Digital World Finance Forum 2018 Successfully Held

South-South Cooperation in the Digital World Finance Forum 2018 Successfully Held

Co-hosted by Finance Center for South-South Cooperation, Tsinghua University PBC School of Finance (PBCSF) and the UNOSSC, South-South Cooperation in the Digital World-Tsinghua PBCSF Global Finance Forum Hong Kong Summit, was held on December 10, 2018. Focusing on “South-South Cooperation in the Digital World,” the Forum discussed hot topics including how digital technologies will drive South-South cooperation and financial development.

Jorge Chediek, Envoy of the Secretary-General on South-South Cooperation and Director of UNOSSC, sent a video message to the Summit. Jorge Chediek said that the digital economy has fundamentally changed the entire economic formation and accelerated the economic growth of SSC countries. The emergence of more and more new financial formats, such as mobile finance and crowd-funding technology, has improved capital productivity, fostered the development of the private economy, expanded the value chain and complemented government resources. It has also changed the way of Government’s governance and played an essential role in improving the livelihood of children, young people, and women.

Cai E’Sheng, Chairman of Finance Center for South-South Cooperation and former Vice Chairman of China Banking Regulatory Commission, said the world today is facing tremendous changes, unseen in a century. For most emerging markets and developing countries, the new round of technological revolution is bringing both opportunities and challenges. We must grasp this significant opportunity to push emerging markets and developing countries to a leap-forward development.

 

Liao Li, Chair Professor of Finance, and Executive Associate Dean at Tsinghua PBCSF, and Chair of Tsinghua University Institute for Fintech Research believed the world today is experiencing a deep reform, driven by digital technologies. And digital technologies have become a major driving force for the global economy, international cooperation, and financial innovations. Liao mentioned that Tsinghua PBCSF is making many efforts in promoting digital technologies and South-South cooperation. He hoped institutions in Hong Kong would continue to share their experiences, work together on relevant research and encourage all forms of partnerships.

 

Paul Mashatile, Treasurer General of African National Congress, Executive Council Member and Parliament Member, and Federico Bonaglia, Deputy Director of OECD Development Centre (DEV), attended and addressed the opening ceremony.

Paul Mashatile said China had been a great friend to South Africa and he hoped the long-standing relation could grow further. He also hoped to fully utilize the opportunities brought by technologies to share and exchange experience in the digital age, especially the technology transformation in the emerging markets.

Federico Bonaglia, Deputy Director of the OECD Development Centre, said the achievement of South-South cooperation had changed the geographic pattern of global economic development. South-South cooperation has not only influenced the growth pattern of developing countries but also helped to create a new development model for South-South cooperation.

The Summit also organized two additional themed sessions – “Digital Technology and Sustainable Development” and “Intelligent Inter-connectivity with FinTech.”

At the “Digital Technology and Sustainable Development” session, it is believed that digitalization can help small enterprises and individuals to get financing at a startup stage and solve risk sharing issues. Additionally, the sustainable development of cities can be pushed forward through intelligent ways. The digital world should focus on how to help the people of under-developed regions to gain more digital dividends.

At the “Intelligent Inter-connectivity with FinTech” session, it is believed that the development of the financial industry is impossible without reform and iteration of technologies. The big data analytical tools provided by the “technology enabling” can be employed by other financial institutions to explore business opportunities and achieve smart inter-connectivity.