WeBank's executive vice president offers his take on what's next for cashless payments, speaking at the Milken Summit.
The future is bright for traditional licensed financial institutions, said Henry Ma, who discussed the future of fintech and digital payments at the Milken Institute Asia Summit 2019 on Thursday.
«Banks will become relevant again, but first they must invest in committing to a digital world,» WeBank's executive vice president and chief information officer said.
Despite non-financial institutions having taken over many roles traditionally held by banks, Ma reiterated his belief that banks will become competitive if they upgrade their infrastructure and bolster technological capabilities, and that he sees opportunities for licensed entities to play a more significant role in the financial industry in the future, particularly as regulation catches up with non-financial players offering such services.
Biometric Transactions, Regulation
Another trend Ma highlighted is the growth in biometric-based transactions – such as using facial recognition technology – which he said would be «a major trend moving forward,» adding that China is already making headway in this space.
About regulatory shortcomings that have stifled innovation in the peer-to-peer lending market, Ma maintained his positive outlook.
«At the end of the day, you still need regulation, and Chinese regulators are quickly adapting to new requirements coming from the market,» he said.
