Panel 1:Emergence of Internet Finance and Potential Risks - Academic and Business Issues
Robert J. Kauffman, Singapore Management University
Huaiqing Wang, South University of Science and Technology
Christ Westland, University of Chicago
Michael Zhang, Hong Kong University of Science and Technology (Panel Chair)
J. Leon Zhao, City University of Hong Kong
As the e-billionaire Jack Ma said five years ago -- "If the banks won't change, we will make them change," China has introduced a round of intensive changes that are poised to rock China's banking sector. The stale banking landscape has been shaken up as a handful of Internet companies, such as Alibaba, have offered a wide range of investment and financial services. Internet financial products like money market fund Yu'ebao created by Alibaba have been instant hits among the Chinese public. The better interest rate enabled Yu'ebao to attract 81 million users with aggregate deposits estimated at around 500 billion yuan ($81 billion) in just nine months. Recently, bold and intense changes to the banking sector have been made by China, which are enough to cause worries as interest rate liberalization contains big risks even though it is key to China's financial reform. In the five years after the United States completed its interest rate liberalization, nearly 200 small and medium banks went bankrupt every year. Further, Taiwan's banking sector was generally in the red following its interest rate liberalization. Experts have also cautioned that the process, if not handled well, will not only hurt the banks but the real economy as well. This panel will explore various risks surrounding Internet Finance and potential measures to deal with emerging academic and business issues.
Panel 2: Big data based credit risk management in Internet Finance
Heng Cao, IBM Research Institute at Shanghai
Zhangxi Lin, Southwestern University of Finance and Economics (Panel Chair)
Xia Wang, Noyaxe Technology
Michael Wong, City University of Hong Kong
Jianmin Zhu, Central University of Finance and Economics
Recent successes in Internet finance innovations, including online loans, P2P lending, credit payment, Internet money market, etc. have shown the power of online credit risk management system. Still, Internet based financial services are facing challenges in online credit risk management, in either theoretic or pragmatic aspect, such as the transferability between social capital and monetary capital, real-time credit risk control, and the application of big social network data for credit scoring. This panel is to involve panelist from both industry and academia to exchange ideas in how to identify the most urgent research problems and how to apply the research outcomes to the practice. This will help bridging the gap between theories and practices in the context of Internet finance with the available big data.