The Internet will be the leading means to establish a better lending industry, experts have agreed upon during a seminar at the Annual Meeting of the New Champions 2015, also known as Summer Davos, on Thursday, in Dalian.
Speaking at the seminar, Huang Yiping, deputy dean of the Peking University's National School of Development, said that China has become the global leader in Internet finance based on third-party payments, micro-financing and peer-to-peer (P2P) lending businesses.
Huang remarked that these new activities have already made an impact to traditional financial institutions such as investment funds and commercial banks, adding that the trend is set to continue.
The deputy dean further pointed out that one of the key issues why Internet finance has been shaking up the conventional finance sector is whether the technology of Internet can address information asymmetry.
According to Huang, the fast-paced development of Internet technology could cut the use of physical currency and subsequently avoid the need to go to brick-and-mortar banks within 10 years.
Meanwhile, Fajr Capital Group CEO Iqbal Khan remarked: "I am very hopeful that China will continue to liberalize, given financial inclusion is a continued priority across China, and I am hopeful that China will lead innovation in science and technology, which will allow Chinese banks to offer better services to customers."
Tang Ning, CEO of one of China's leading P2P lenders, CreditEase, the technology's mobility has also allowed lenders to continually refine their services and products and make an improved version.
Moreover, Tang enthused that the Internet of Things, coupled with the utilization of big data, will allow financial groups to reach out to more customers.