Universal Holdings Vice Chairman Xiao Feng: The Internet can not subvert finance, but will subvert the way the financial services industry! Vice Chairman and Executive Director Xiao Feng holding companyuniversal in his speech said that a decade ago, China Mobile's market capitalization is one trillion Hong Kong dollars, Tencent's market capitalization is 40 billion Hong Kong dollars. Today, China Mobile's market capitalization is 300 billion Hong Kong dollars, Tencent's market capitalization exceeded one trillion Hong Kong dollars. Xiao Feng said years later, after solving a decade ago, China Mobile or China's telecom operators James Harden who, years later, the fate of Chinese traditional financial institutions is the fate of China Mobile is now facing the situation of Chinese traditional institutions today. i Share this horse, I want to help. The following is the full statement Xiaofeng I first want to talk about what the new financial? In my understanding, the new era of knowledge economy finance is financial. I speak ten aspects of the issue. First, I want to explain why I think we are talking about a new era of knowledge economy finance financial? We know that human society is now entering the era of knowledge economy, the information revolution. In our past from the Industrial Revolution in Britain since 1800, the industrial economy, the whole society to follow a mechanical logic, we use engineering and physics methods to reconstruct the world, strive to build a sophisticated system. But in the era of knowledge economy, to follow the evolution of our society is a biological logic, our efforts to build an ecosystem. If you read 'out of control' This book, then, it is to describe the scene inside knowledge based bio-economy logic of economic evolution. The knowledge economy, because it follows the logic is different, so it's economic, financial and business conditions will be very different, which we must grasp. If we do not grasp the knowledge economy era financial formats evolve, then we see the past, China's first financial institutions Escort, later replaced by ticket number, and then later substituted by banks. If we do not explore the era of knowledge economy evolution financial formats, and one day the bank is likely to be replaced. When it comes to the knowledge economy financial format, we discussed the core issue is the impact of the Internet on the financial sector, the impact of even subversion. Here I think we need to clarify that the Internet is not subvert the fall demand for financial services, it would subvert the financial services institutions. If you are not able to make the Internet-based, you may have to be subversive, it is eliminated. Last year's debate on Internet finance them, we talk to the traditional financial core is two things, the first point is risk management, and the second point is the appropriateness of the principle that you put the right product to sell the right customers, not just Nike Air Jordan 4 these two advantages of traditional financial institutions, Internet technology is not necessarily the Internet business, Internet technology in risk identification, risk management, in terms of the appropriateness of the principle of customer identification and customer, than traditional means of financial institutions To be much more clever. Before we get to know a new financial era of knowledge economy, we take a look at the last three evolutionary stages of human economic times. The first phase, prior to the 1800 agricultural phase is called human, in 1800 followed by a phase of industrial economy, knowledge-based economy is now entering the stage. The three stages of economic activity from a regional perspective, the agricultural community is a regional economic activity, to an industrial economy, we begin cross-regional, cross-border and even began. But into the knowledge economy, we have to cross time and space, the virtual reality of the real world and the virtual world and the physical world and the digital world together, in the agricultural economy engaged in economic activities, when more experience. Industrial economy, we have more with the knowledge, science and technology. But Nike Air Jordan Women in the era of knowledge economy, also entered the era of big data, we rely on more data, rely on the data to organize our business activities. In the agricultural economy, the entire community is home to the most basic economic organization, in the industrial economy of the organization is a certain type of company or business organization, to the era of knowledge economy, social basic economic activities of the organization called the community through social network We reorganized the relationship between human society, the relationship between people. In the agricultural economy and society, we to explain this society, using religion and metaphysics. Industrial economy, we use science and technology to explore the truth of this world. To the era of knowledge economy, we seek is more emotional and experience. So, five or six years ago, a book about the experience economy in this area, any application related to the Internet, any service combined with the scene is very much discussed aspect. We know the problem, do an analysis of the trend and the like, take a look in the knowledge economy, the traditional economic mechanism should be how Internet technology. First, we know that P2P is a point and the core of the essence of the Internet, the traditional financial institutions often are in the form of mediation, in the Internet age, we have to move from state to state intermediary platform to evolve. Therefore, traditional financial institutions if they can not put him into a relationship and customer relationship between the customer and the customer, he only plays one of the organizers, platform role, he will be left behind. Therefore, interoperability, and even interactive, mutual aid, so that customers, between your bank customers, or competition between other customers and let them interact, and even allow them to mutual financial institutions to provide free services that allow them to mutual assistance. This is very, very important point, which is the first point which I speak. The second point is the basic function and value-added services free of charge. Last week's news, there are 2014 Google Developers Conference on the data, Google's developers 98 percent of their income does not come from their software or hardware, and value-added services revenues from software and hardware sold after. We all know that in the industrial economy, the government offers many public facilities are free, in fact, in the knowledge economy, there are many public facilities must also be free, the world has always had the presence of these two types of free and paid, a lot of free for others charges, government agencies are free to promote the development of business, charged by other means taxes to maintain government running. Therefore, the infrastructure of the Internet, Internet communications are free. We can look at an example, a decade ago, China Mobile's market capitalization is one trillion Hong Kong dollars, Tencent's market capitalization is 40 billion Hong Kong dollars. Today, China Mobile's market capitalization is 300 billion Hong Kong dollars, Tencent's market capitalization exceeded one trillion Hong Kong dollars, how this change is happening in the middle? This is the middle of the change is the way Internet companies over the use Nike LeBron 12 OTT operators direct access to end customers, offers many free services. Since last year, China's Internet financial start after hot up, and then when you find that Internet companies to deal with the same method as the Chinese telecom operators across financial institutions, to reach out directly to his customers, with low cost, convenient way contacts its customers, the final result, a decade later, after solving a decade ago and now China Mobile or China's telecom operators who, ten years the fate of the situation faced by Chinese traditional institutions, Chinese traditional financial institutions is today China Mobile's fate. Traditional financial institutions must consider how to provide a lot of free basic services using the Internet a way to reshape their business models, otherwise, you will be Internet companies to replace. The so-called free mode, the maximum of three features, one platform, you are no longer an intermediary. Second, you are community-operation, rather than the company for the operation. Third, the business model with the end, that is involved in sales and earnings began. The third point relates to the Internet, another core spirit is to the center. Centers and open-source, distributed, you know, Tesla has put its technology is fully open, decentralized process step by step to the automotive manufacturing, and other fields forward from the original software. Here, I would particularly cite as an example Ripple. We are talking about Bitcoin currency when talking about Ripple, now we see that it is more of a digital currency, it is a decentralized digital currency, since its release and any sovereign state, even with the central bank does not matter . But I think companies such as Ripple, the greatest significance lies in its virtual currency world inside, the Internet set up a payment and settlement on the basis of agreement between the world we know when to make the payment and clearing banks, there is a system, There are now between those on the Internet Nike Lebron X Elite independent of another bank clearing system, which is from the Bitcoin and Ripple are being established and gradually improved, I can expect a decade later, the two clearing system will be par. Therefore, traditional financial institutions on the basis of these if you are not able to go to the center of the Internet Protocol to rebuild your financial service system, then the future is your destiny will encounter so many difficulties. Fourth, we all know that the Internet has removed information asymmetry, traditional financial institutions, our business activity is based on this information asymmetry above, we earn is information asymmetry difference. After the Internet to eliminate asymmetric information, in fact, there is another thing out, it is the digital divide. With the development of mobile Internet, with the development of things, the big data era. Maybe you want to know the general public processing, analysis, using the data can be more weak and may even weaker than the ability to deal with asymmetric information. So, from traditional financial institutions earn money transferred to asymmetric information to eliminate customers' digital divide, so you have to build your own digital capabilities, storage, collection, analysis, use of digital capabilities, this is the future of financial institutions core competitiveness. Fifth, in the era of big data, you happen with customer relations determine the frequency and bandwidth of the data you have no value. On this basis, the data our traditional financial institutions and customers connected, frequency and bandwidth is too narrow, too small, so these data are less Alibaba, like Paypal have data so valuable, SALOMON so valuable. Auto insurance and your customers a year before the occurrence of a connection, almost a quarter of the funds raised will send one pair of bills to your customers, bank statements only occur once the relationship, but micro-believe you might one day happen with him three five the above relationship. Therefore, the Internet company's data with the customer frequency is much higher than you, therefore, the data it receives more than your value is much greater. In addition to the frequency, the other one is bandwidth, Internet companies, in addition to providing electricity supplier, providing a lot of life services, even providing financial services, therefore it faces a very wide customer contact. Frequency and bandwidth determines the data to our traditional financial institutions, Internet companies worth less than that, so we should go in this regard not only increases the amount of data, but also increase your client relationship, the frequency of occurrence of connection and bandwidth. It is because of Internet companies have the advantage, so in last year survey of 150 global banks have a conclusion that Google may be Womens Nike Zoom Hyperflight PRM substituted by traditional banks. This is the fifth point. Sixth, across space and across time and space. Service Mode is characteristic of traditional financial institutions industrial economy, relying on the network as a space to provide services, the company's management, manages the entire traditional financial institutions is a pyramid. Internet opened the real world and the virtual world, to break down the physical world and the digital world, and therefore, it has inter-temporal characteristics. So, we are now enjoying financial services over the Internet is 7 × 24 hours, is point to point, in real time. Ripple has just talked about. But you know now the Air Jordan Outlet bank clearing system inside, we a Chinese citizen, Nike Air Max 2011 if you invest in a Chinese QDII fund, bought the US stock funds, if you want to redeem it, needs nine days, the money from the United States to this mutual funds inside your account back up. But if we use the Internet to pay such a settlement agreement, maybe three days. That is efficiency, which is across time and space, is 7 × 24 hours, we become more accustomed to this service, the bank's outlets closed, we will not Nike Air Max accept you, you will become impatient approach. Plus virtual numbers, virtual assets, digital money, so more and more bits of the entire financial services future, virtual, more and more things digital. Last week I saw a news, a German bank, after it has begun between the original payment and settlement bank began using Ripple Internet payment and settlement agreement in its bank opened a gateway, allowing customers to make payments using the Internet Protocol and Nike Lunar Hyperdunk Low foreign exchange, Nike Air Total Foamposite Max capital efficiency greatly customers, this thing is happening. If we do not consider it traditional financial institutions, and finally you will Cheap Nike Free Outlet be at a disadvantage. Seventh, to artificially control or artificial intelligence. With the advent of the mobile Internet era, we have entered the era of big data. I think Big Data technology is constantly evolved among the first to use technology big data analysis techniques, we call it data mining, from data mining, big data technology is to machine learning in progress. Now, we know that we use machines to read a lot of things, to understand a lot of things to deal with a lot of things, which is currently the stage. Technical data are from a large machine learning to further evolution and artificial intelligence. We know that Baidu spent a lot of resources to build up a human brain research program, Google also do this thing. Technology has such a large data stage, we are in machine learning stage. Big data also led to the three-dimensional human society, a material world, in the industrial economy era of science and technology we use it carried a lot of explanation. At the same time, we have a spiritual world, there is philosophy, religion, for our environment with the perspective of religion, philosophy, do a lot of explanation. Now, with the advent of the era of big data, human society will again be described from a digital point of view, so I think the era of big data into three-dimensional human society era, the material world, the spiritual world, the digital world. The future of financial services, that the first is a number of financial, second artificial intelligence, financial intelligence, including payment and settlement agreement we just talked about on the Internet, a lot of things open point is that no one interfere with the administration of this comparison is the primary The so-called smart financial future, I think there will be more advanced development. Eighth, company forms and community relations. Company as an organizational form, it will exist, but its role, its functions, its form, including its management will be a lot of change happen. We know the new Internet model to Maori, such as millet phone, for example, we now see the music as a TV, it sold the TV is the cost price, selling phone is the cost price, so it is going Maori. To inventory, online booking, go to the channel, to marketing, millet never advertise, publish its own content, content that is marketing, content that is advertising. Even to manage, we have a lot more advanced Internet companies, management has undergone great changes, we know that Haier Group, Mr. Zhang Ruimin recently, Haier Group in accordance with the Internet model reconstruction of the management structure, so the Internet has changed business organizational form. At the same time, the Internet's flat, network products, Externalization, game, making the company's boundaries are broken, a new community relations established. The so-called community relations and we usually discuss the relationship between the fans have a lot of different and has a book out called the fan economic, social and fans one of the biggest differences? Insufficient interaction between the fans, the fans are all facing an individual, a particular commodity, a company admired, but the interaction between them is not enough, more a lack of NIKE KD 6 NSW trust. However, the economy is the economic community between friends, or a friend of the economic relations, as well as friends and friends of friends of friends established interoperability between them, even interactive mutual aid, this is called the community economy. If you say the community, there is a demand from a customer, he is not necessarily a user of a company, to the user, to the fans, to the friends, the last to a friend's friend. This is the core of the community's economy, no organization organization. Do community finance, Ping An Group has publicly announced that it do social finance, to have it embedded in financial everyone's basic needs and the relationship between them. In fact, including our micro-channel pay Alipay do a lot of things, such as electronic wallet, such as micro-channel transfer between friends, Nike Air Jordan 5 has been completely out of the banking system, we had to rely on from the bank payment and settlement system, using the Internet among friends an agreement started to shift money. If we pay attention to changes in business forms, business forms of traditional financial institutions, and finally you will be left behind. This is Ma has not published a word, it was written in order to give a recommendation preface my books inside, financial needs forever, financial services often new. Demand, the Internet is not subvert it, but how to provide services, the Internet would subvert it. THX!