Global FinTech Lab opens in Shenzhen

The launch ceremony of the Global FinTech Lab Annual Roundtable Conference was held in Shenzhen on Oct 22.

The conference was led by chief consultant Professor Edward C. Prescott, Nobel Memorial Prize winner in Economics in 2004, and attracted nearly 100 bankers, entrepreneurs, scholars and VC/PE investors from all over the country. 

Attendees pose for a group photo after the roundtable conference. [Photo provided to chinadaily.com.cn]

Ai Xuefeng, vice mayor of Shenzhen, initiates the ceremony. [Photo provided to chinadaily.com.cn]

At the beginning of the conference, Cao Tong, the driving force behind the Global FinTech Lab and chairman of Shenzhen Hande Finmaker Ltd., described the mission and vision of the setting of the lab and pointed out that as the world's first FinTech lab, it's bound to promote the development of China's financial science and technology and promote the sustainable development of the global economy.

Professor Edward C. Prescott points out that China has become a leader in the field of FinTech and railways. He now teaches at Arizona State University and works for the Federal Reserve Bank as a senior financial consultant. [Photo provided to chinadaily.com.cn]

Representatives from all circles held in-depth discussions on the global economy and financial regulation and the opportunities and challenges that FinTech brings. They acknowledged that even though the global economy is booming, the development of FinTech still faces several problems such as talent recruitment, technology development and regulatory policies. Hopefully, however, the Global FinTech Lab will be a strategically wise move towards a brighter future.