The 2024 World Internet Conference Wuzhen Summit opened on November 20 in Wuzhen, Zhejiang Province, under the theme "Embracing a Human-Centric, Beneficial Digital Future – Building a Community with a Shared Future in Cyberspace." Among the 24 specialized forums held during the summit, the FinTech Forum—co-hosted by Nankai University, Ping An of China, and Renmin University of China—successfully convened on November 21. Themed "FinTech in the Era of Digital Intelligence," the forum brought together global experts, government leaders, and industry pioneers to explore pathways toward a more inclusive, innovative, and sustainable financial ecosystem.
Advancing Financial Innovation Through Digital Intelligence
The forum served as a pivotal platform for dialogue on how digital technologies—especially artificial intelligence (AI), big data, and blockchain—are reshaping financial services. Discussions centered on three core pillars: building a next-generation financial ecosystem, advancing data-driven financial applications, and ensuring FinTech remains inclusive and beneficial to society.
Senior officials and academic leaders emphasized that technology is no longer just a support function in finance—it has become its driving force. As financial systems evolve into intelligent networks, collaboration across sectors becomes essential to unlock innovation while managing emerging risks.
👉 Discover how digital innovation is transforming global finance today.
Keynote Insights: The Future of Finance Is Intelligent
Sun Weimin, Chief Engineer at the Cyberspace Administration of China, highlighted that FinTech plays a vital role in enhancing financial services for the real economy. She outlined four strategic priorities:
- Accelerate digital and intelligent transformation to cultivate new growth momentum.
- Develop comprehensive FinTech product systems to improve service efficiency.
- Strengthen risk prevention mechanisms to ensure system stability.
- Foster cross-sector collaboration to create synergistic value.
She stressed that only through integrated efforts can FinTech achieve sustainable, high-quality development.
Zhang Yanyun, Vice Governor of Zhejiang Province, noted that advancements in cloud computing, AI, and big data have revolutionized financial use cases—from mobile payments and digital currencies to AI-powered wealth management and risk analytics. These innovations not only enhance user experience but also drive broader economic progress.
Academic Leadership: Shaping the Future of Financial Education
Chen Yulu, President of Nankai University and Vice Chair of the China Financial Society, delivered a forward-looking address on the transformative power of digital intelligence in finance.
"Finance without technology is no longer viable," he stated, underscoring that digitalization and intelligence are now defining trends in global finance. He explained that AI and data science are not merely tools but catalysts reshaping business models, risk frameworks, and customer interactions across institutions.
However, Chen cautioned that innovation brings new challenges—particularly in data privacy, algorithmic ethics, and systemic risk. These issues require robust governance and continuous adaptation.
To meet the growing demand for skilled professionals, Nankai University launched one of China’s earliest undergraduate programs in FinTech in 2019. It has since expanded into graduate-level specializations in FinTech and Technology Transfer & Science Finance, while establishing the National Institute for Innovation and Finance.
👉 Explore how next-gen talent is shaping the future of digital finance.
Industry Transformation: Three Digital Shifts Reshaping Finance
Sheng Rui-sheng, Board Secretary and Brand Director of Ping An Group, identified three key shifts driven by digital transformation:
- Credit landscape evolution: Digital footprints enable more accurate credit assessments beyond traditional metrics.
- Risk control revolution: Real-time data analytics and machine learning improve fraud detection and underwriting precision.
- Customer experience redefinition: Personalized, seamless digital interfaces are setting new standards for engagement.
These shifts reflect a deeper integration between finance and technology—one that demands agility, ethical oversight, and customer-centric design.
Global Perspectives on FinTech and Inclusive Growth
International speakers offered diverse insights into how FinTech can support equitable development.
Zhang Wencai, Managing Director and CEO of the World Bank, emphasized three imperatives for building resilient digital financial ecosystems:
- Financial inclusion via digital public infrastructure
- Trust-building through strong regulatory frameworks
- Investment in digital financial infrastructure as a driver of poverty reduction
He praised China’s progress in adopting blockchain, AI, and central bank digital currencies (CBDCs), calling it a model for responsible innovation.
Zheng Guoguang, President of the China Association for Disaster Prevention, discussed how AI and big data are improving disaster risk modeling and insurance solutions. By leveraging climate data and predictive analytics, insurers can offer more accurate pricing and faster claims processing—enhancing societal resilience.
Wang Zhongmin, former Deputy Chairman of the National Council for Social Security Fund, explored the underlying logic of AI in finance. He highlighted three foundational shifts:
- Open-source code democratizing access to powerful tools
- Cloud computing reducing operational costs
- Native encryption ensuring trust and security
"AI isn’t just changing what we do—it’s changing how we think about value creation in finance," he remarked.
Mansi Kara, Managing Director of JBA Risk Management, presented on flood modeling using AI-enhanced datasets. Her work demonstrates how environmental data can be leveraged for risk assessment and climate adaptation—areas where FinTech can play a critical role in insurtech and green finance.
Data as a Strategic Asset: Unlocking Economic Value
In the second session, industry leaders addressed data as a core financial asset.
Speakers including Yang Bing (CEO of OceanBase), Li Hongguang (Chairman of Shenzhen Data Exchange), and Wei Zhilin (Deputy General Manager of Shanghai Data Exchange) discussed frameworks for secure data circulation and monetization.
Key takeaways included:
- Establishing trusted data marketplaces
- Enabling cross-border data flow with compliance safeguards
- Developing standards for data quality, ownership, and auditability
Xiao Jing, Chief Scientist at Ping An Group, emphasized that AI-driven data analysis enables real-time decision-making across lending, investment, and compliance functions.
Legal scholars like Yang Dong, Dean of Renmin University Law School, called for updated regulations that balance innovation with consumer protection—particularly in algorithmic transparency and anti-monopoly enforcement.
Roundtable Dialogue: Governance for a Human-Centered FinTech Future
A high-level panel moderated by Zeng Gang, Chief Expert at Shanghai Financial Development Lab, explored how governance frameworks can ensure FinTech serves public good.
Participants—including Chan Muk Hoi (HKMA), Fang Dawei (Vitality Asia), He Hua (Cheung Kong Graduate School of Business), and Hu Bing (China Taiping Insurance)—agreed that:
- Regulatory sandboxes encourage safe experimentation
- Public-private partnerships enhance scalability
- Ethical AI design must prioritize fairness and accountability
They advocated for a global dialogue on FinTech governance, especially as technologies like generative AI enter mainstream financial applications.
Looking Ahead: Building Sustainable Digital Financial Ecosystems
The 2024 Wuzhen Summit also unveiled several initiatives to strengthen global digital cooperation:
- Launch of the World Internet Conference Artificial Intelligence Task Force
- Establishment of the Digital Research Academy
- Rollout of the Think Tank Collaboration Program
- Introduction of the Outstanding Contribution Award
Nankai University’s recent admission as one of the first university members of the World Internet Conference marks a significant step in bridging academia and global digital policy.
Frequently Asked Questions (FAQ)
Q: What was the main theme of the 2024 Wuzhen FinTech Forum?
A: The forum focused on "FinTech in the Era of Digital Intelligence," exploring how AI, big data, and blockchain are transforming financial services toward greater efficiency, inclusion, and sustainability.
Q: Who hosted the FinTech Forum at the Wuzhen Summit?
A: The forum was co-hosted by Nankai University, Ping An of China, and Renmin University of China.
Q: How is AI impacting modern financial services?
A: AI enhances credit scoring, automates risk management, personalizes customer experiences, and enables real-time fraud detection—making financial systems faster, safer, and more accessible.
Q: What role does data play in FinTech innovation?
A: Data is a strategic asset enabling predictive analytics, personalized offerings, and automated decision-making. Secure data sharing platforms are key to unlocking its full potential.
Q: Why is financial inclusion important in digital transformation?
A: Digital financial tools can reach underserved populations, reduce transaction costs, and promote economic participation—making growth more equitable.
Q: What are the major risks associated with AI in finance?
A: Key concerns include algorithmic bias, data privacy breaches, over-reliance on automation, and lack of transparency—necessitating strong governance and ethical standards.
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Core Keywords: FinTech, digital intelligence, artificial intelligence in finance, data-driven finance, financial inclusion, digital transformation, AI ethics, blockchain in finance