The Zhitong Finance App learned that on November 18, Zhou Xiaochuan, former governor of the central bank, said at the 9th Caixin Summit that due to the emergence of emerging technologies such as blockchain, there are some differences between technology providers and traditional financial institutions in choosing technology paths. In their view, some technology application providers did not unleash their potential financial service capabilities, but instead aimed at money, “looking at money in deposit accounts, imitating banks absorbing public savings.”

He believes that some technology providers use new products and technologies as the main tool to speculate and make money, “putting them on the market very early for trading, and they think that market transactions may be very profitable in terms of money. In this case, there will be distortions and even some damage.”

Furthermore, Zhou Xiaochuan feared that a “winner-take-all” phenomenon would occur in the IT industry and the Internet industry, saying “it is different from our original goal.” Zhou Xiaochuan emphasized that the market should achieve competitive development so that the best technology can be highlighted and eventually used.

Zhou Xiaochuan also said that the central bank can organize research on Fintech, but it cannot make the best choice. Therefore, it should design a system of multi-channel R&D and competition with each other, but at the same time, it is also necessary to set up some steps to make the consequences of technology implementation manageable and avoid causing economic instability.