Fintech facilitates the development of green finance; consistent green criteria are needed

The Green Finance Center of Paulson Institute and the Research Center for Green Finance Development of Tsinghua University in China released Fintech Facilitates the Sustainable Development of Green Finance on March 9. The report features case studies of using fintech applications in green finance and discusses the obstacles faced by these applications. It also predicts the future of fintech

The Green Finance Center of Paulson Institute and the Research Center for Green Finance Development of Tsinghua University in China released Fintech Facilitates the Sustainable Development of Green Finance on March 9. The report features case studies of using fintech applications in green finance and discusses the obstacles faced by these applications. It also predicts the future of fintech in China and offers recommendations for policymakers and businesses.

It shows that applying emerging technologies like blockchain, big data, cloud computing, and artificial intelligence can help reduce cost, promote efficiency, as well as enhance security and data authenticity, from the four cases of using fintech to promote the sustainable development of green finance in China. Also, they can provide financial supervision with more accurate and efficient services in standards promotion, counting, auditing, and anti-money laundering.

China not only has the fastest growing and largest green financial market in the world but also it is rapidly developing fintech. H2 Ventures, KPMG’s global fintech and fintech investment company, released earlier the list of the top 100 fintech companies in the world, in which China has three companies listed on the top ten— no. 1 Ant Financial, no. 3 JD Digits, and no. 6 Du Xiaoman Financial.

However, financial institutions still face many challenges in fintech application, for example, inconsistent green criteria, lack of green standards for small and micro enterprises and consumer behaviors, asymmetry of information, etc. The report also suggests relevant competent departments and industry associations provide supporting policies and services to develop fintech in the green and sustainable finance,

Source: financialnews.com.cn

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/06/07/fintech-facilitates-the-development-of-green-finance-consistent-green-criteria-are-needed/.

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