On October 17, a mid-term investigation and evaluation team of the Pilot Program for Innovative Construction of Financial Standards, composed of experts from the People's Bank of China and relevant ministries and commissions, conducted an investigation and evaluation on Chongqing Fumin Bank. Zhang Guoxiang, Chairman of Fumin Bank, and other relevant leaders attended the symposium. The experts of the investigation and evaluation team highly affirmed the phased achievements of the Pilot Program for Innovative Construction of Financial Standards of Fumin Bank.

The standardization experts from the People's Bank of China and relevant ministries and commissions held their thumb up to Fumin Bank.

Yan Dong, Executive Vice Chairman of Fumin Bank, introduced the current development situation of Fumin Bank and the phased achievements of financial standardization construction to the experts of the investigation and evaluation team. The experts of the investigation and evaluation team highly affirmed the work highlights of Fumin Bank in four aspects.

The experts of the investigation and evaluation team said that firstly Fumin Bank took a top leadership project system to guarantee the overall planning of the pilot program and ensure the effective implementation and linkage of standardization work, which was is worth reference. At the same time, the research and evaluation team also highly recognized the effective practice of Fumin Bank in performing innovative business, developing three enterprise-level financial standards (namely, credit evaluation guidelines for micro and small-sized individual businesses, digital maturity evaluation standard, and fast bill discounting service standard), and actively participating in the activities of financial standard "leader". "Fumin Bank implements the standards in its business development, promoting the high-quality business development while ensuring the practical value of financial standards, which is very commendable", Mr. Xin Mingzhe, a leader of the Standard Technology Department of State Administration for Market Regulation, said.

Moreover, Fumin Bank implemented financial standardization business in an agile manner, which was also highly praised by the experts attending the symposium. "Fumin Bank has effectively integrated the Internet thinking with the formulation of financial standards, adopted the agile management mechanism, and formulated and implemented the standards in a high level and high-quality way, which is worth considering", Ms. Fang Yi, Deputy Director of the Statistical Information Department of the China Banking and Insurance Regulatory Commission, said.

In addition, Fumin Bank also scientifically formulated the implementation plan based on the actual conditions to clarify the tasks and objectives. "Standardization construction is closely related to the implementation of major national strategies, and the development of enterprises and the execution of business practices." Mr. Qu Weimin, Deputy Director of the Science & Technology Department of the People's Bank of China, also affirmed the Fumin Bank's practice of deeply integrating the pilot program into its business.

 "The exploration made by Fumin Bank has solved the problem on the model we desire, namely the organic combination and effective coordination of financial standardization and marketization." Yang Fuyu, Advisor of the Science & Technology Department of the People's Bank of China, said that the enterprise-level financial standards developed by Fumin Bank were worth applying to the pilot program, and the People's Bank of China would spare no effort to support the upgrading and promotion of the enterprise-level standards of Fumin Bank and promote the financial standards of Fumin Bank to be recognized as national and even international standards.

Zhu Zhaowen, Deputy Director of the Chongqing Operations Office of the People's Bank of China, put forward two suggestions to Fumin Bank. One is to continually upgrade mature products and services to the standard. Only in this way will the standards established be of full vitality and improve the management level and product quality of banks. The other is to encourage Fumin Bank to explore the three-in-one development mode (financial standard + capability output + patent acquisition), and build a professional financial cloud service platform for inter-bank output.

Accomplish "three combinations" for better service to the real economy

Chairman Zhang Guoxiang said in his speech that it is now the fifth period of financial innovation opportunity in China and there are two aspects worthy of in-depth exploration, that is, "technology finance" and "industry-finance coordination". The past four times are: the "material credit" created by the pawn-broking industry in the Northern and Southern Dynasties, old-style bank formed 500 years ago, exchange shop formed 200 years ago, and the "golden decade" of Chinese national industry and commerce nearly 100 years ago.

Mr. Zhang Guoxiang further summarized and analyzed that the exploration of financial standardization by Fumin Bank had achieved "three combinations" and realized the concurrence and conjunction of financial standard implementation and financial service to entity economy. The first is to combine innovation with practice. The logic of technology finance is to reduce the cost of inclusive finance through digital processing and standardized services. Due to the small target group, inclusive finance has high cost and risk. If the cost is not reduced by technologies, the risk can only be reduced by high interest rate, which is contrary to the original intention of inclusive finance. Financial standards will specify and solidify the development of innovative business of Fumin Bank, which conforms to the original intention and existence logic of technology finance, and is also a fundamental adherence to the principle of finance serving the real economy.

The second is to combine the innovation with the current situation of the industry to summarize the digital maturity evaluation standards and ensure the practical value of financial standards. Fumin Bank, which has nothing to do with Internet, has firmly upheld the differentiated development strategy of digital eco-bank, and has gradually embarked on the characteristic development of E-bank, providing an important reference of private small and medium-sized banks that are exploring differentiated development strategies.

The third is to combine innovation with output, ensuring that the financial standards can be replicated and popularized. Fumin Bank has always insisted on combining the formulation and implementation of financial standards. More banking institutions will be encouraged to participate in the innovation of financial products by the formulation and application of financial standards, which will effectively promote the alleviation of the financing difficult and high cost of micro and small-sized enterprises.