Starfish chain to help the world’s first regulatory technology RegTech commercial platform put into operation


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Reporter: pencil leadn

July 15, the domestic well-known block chain new three board listed companies Jinqiu Science and Technology (code: 837901) and the CUP business together to build the block chain letter project – Xiamen “Xin e loan” micro credit credit information sharing platform official Put into commercial operation, which is Jinqiu star chain platform in the “block chain” strategy in another landing project, is currently the world’s chain of chain technology in the field of the first commercial platform.n
nThe platform is put into operation, refreshing the block chain in Regulatory Technology (RegTech) applications in a number of records:n
nnThe first block of the chain of the official business platform. There are already five small loan company in Xiamen as an access node to participate in accounting, and began to upload asset data, follow up there are a number of small loan companies, banking institutions access;n
nnnThe first commercial system based on Hyperledger Fabric1.0, the project is in the development of the use of the star chain chain version (based on the development of Fabric1.0Beta version), in the Fabric1.0 official version on July 11 after the line, Jinqiu Technology Quickly complete the platform upgrade, it is the world’s first based on the version of the commercial system;n
nnnThe first by the government regulatory departments access to the block chain letter Union Union, Xiamen Finance Office as a small branch of Xiamen, the competent authorities to participate in the entire platform to guide the planning, design and development, the system on-line after the Xiamen Financial Office as a regulatory Node access, penetration supervision.n
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nChina’s current credit industry pain pointn
nLack of data sharing, information island problem is serious, credit information and user information asymmetry. Credit agencies, consumer finance companies and other licensed agencies, and small loans, loans and lending institutions and other institutions outside the system of mass credit data can not effectively play its due value. In addition to the institutional mechanism, the traditional credit industry is also due to the technical structure of the problem can not be in the agencies, industries to share data safely, do not want to share their own data, but need to obtain third-party data, the traditional technology architecture can not solve this problem.n
nData privacy protection issues are highlighted. The People’s Bank of China has clearly instructed the credit authorities to strengthen the privacy protection and require the credit information collection and use of the user information to be agreed by the information subject and clearly inform the possible impact. The information subject has the right to request the credit agency to incorporate it into the refusal Used within the scope of marketing. The information industry under the big data age has higher requirements for privacy protection and data security. Traditional credit system technology architecture of the user’s attention is low, and not from the bottom of the technology to ensure that the user’s data sovereignty, it is difficult to achieve the new requirements of data privacy protection.n
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nThe Best Practice of Starfish Chain in Small Credit Credit Scenen
nChina’s current micro-credit companies belong to the local financial office supervision. Small credit companies themselves in the information system construction is weak, but also in the external environment is also the lack of authority to provide effective data to support the development of business in the business generally high risk of lending, restricting the normal development of the industry’s normal business, while Regulators have a certain lag in mastering the dynamics of the industry and the timeliness of the industry’s health status, and the timely guidance and supervision of the regulatory authorities on the industry’s business. Small credit company’s credit has been a very big pain point, on the one hand most of the small loan companies can not access the central bank credit, the other small loan companies in the information sharing between the interests of the competition can not really get through.n
nStar chain chain “Xin e loan” small loan credit information sharing platform, direct docking small loan company’s small loan management system, each loan process management information and related mortgage / pledge on the chain, the data on the key elements of the chain Carried out the encryption desensitization, to solve the small loan industry involved in the company’s mutual trust. Platform through the integration mechanism, to encourage small loan company data on the chain, and through the use of credit for credit data sharing.n
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nStarfish chain “Xin e loan” small loan credit information sharing platform, taking full account of the system information security, set up a management node, to join the system members need to be authorized and issued the relevant certificate in order to normal access; platform also consider The regulatory authorities on the regulatory requirements of credit data, set up a regulatory node, in a timely manner to easily grasp the current business dynamics and industry risk control; platform for the small loan company to provide a customer loan history information query, including the state of the collateral And to provide information on the risk changes of customers who take the initiative to inform the small loan companies in order to improve the risk management level of the small loan companies and promote the healthy and orderly development of the small loan industry.n
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nRegTech with regulatory technology to deal with financial technology Fintechn
nIn recent years, FinTech technology-driven financial innovation has created new business models, applications, processes or products that have a significant impact on the way financial markets, financial institutions, or financial services are delivered. People’s Bank of China Institute of Finance, Internet Financial Research Center Director Sun Guofeng recently said publicly:n
nn”With FinTech’s impact on traditional financial services, the cumulative risk will likely be systemic.” From the country’s FinTech regulatory model, the US functional regulation and its domestic financial market scale, finance and technology Innovation and strong market environment; the British regulatory sandbox service in its pursuit of the establishment of financial technology in the international financial goals; Singapore’s regulatory sandbox is conducive to overcome the domestic financial market is small, innovation and weak development of FinTech constraints; Japan has relaxed the restrictions on the shares of listed companies in financial institutions, which is conducive to breaking through the bottleneck of FinTech’s development. China has three major characteristics, such as large scale of financial market, strong financial innovation and prevention and control of systemic financial risks. To build FinTech regulatory system with Chinese characteristics and to strengthen FinTech ‘s international cooperation.n
nnRegTech refers to financial institutions to use large data, artificial intelligence and block chain and other new technologies to solve regulatory compliance issues, reduce compliance costs, such as whether it is in line with anti-money laundering and other regulatory policies to comply with the relevant regulatory system, Compliance with the requirements of the huge fines or fraud losses. RegTech can improve the compliance efficiency of financial institutions.n
nOn the one hand, with the development of machine learning (ML) and artificial intelligence (AI), RegTech can use ML and AI technology to provide better solutions for financial institution decision making, cost reduction and compliance issues. AI will replace the expensive manual functions currently performed manually and help banks to detect anti-money laundering or employee misconduct, such as data aggregation, risk modeling, scenario analysis, authentication and real-time monitoring. Through the automated analysis of massive public and private data to help financial institutions to verify their compliance with anti-money laundering and other regulatory policies, the use of cloud computing, large data and other emerging digital technology to help financial institutions to comply with the relevant regulatory system to avoid the lack of supervision Regulatory requirements brought about by the huge fines.n
nOn the other hand, the block chain has the characteristics of de-centralization, trust, timestamp, asymmetric encryption and intelligent contract, which ensures that there are limited, manageable credit on the basis of effective protection of data privacy Data sharing and verification; the use of block chain can help a number of credit agencies to achieve data resources do not leak the premise of the data multi-source cross-validation and sharing, to solve the credit customer long debt problems, data transaction costs, organizational collaboration costs will be greatly reduced ; Can also use the block chain to determine the data, reconstruction of the credit system architecture, the credit data as a block in the chain of digital assets, effectively curb the data sharing transaction fraud problem, to ensure the authenticity of credit data. Based on the block chain of credit information sharing trading platform to solve the traditional credit industry pain point, is the innovation of the credit industry innovation.n
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nStarfish chain layout Pratt u0026 Whitney financial regulatory technology RegTechn
nJinqiu Technology CEO Zuo Peng said:n
nn”In the financial technology boost, the deep integration of large data and financial industry, greatly promoted the development of Pratt u0026 Whitney Finance.Data resources has become a new core competitiveness.Commercial business data chase is very fanatical, financial data potential risk Some data oligarchs through the scene to seize the entrance and channels, a large number of information flow, capital flow, product flow, so that the risk of information disclosure is highly concentrated, once the problem is no longer a single problem of data loss, and Is a systematic data security problem that will pose a threat to personal privacy, customer rights, and even financial security.Jinqiu technology is currently working on the basis of the starfish chain to study how to use block-chain technology to solve the problem of regulatory compliance Data security, privacy protection and other issues.n
nnThe Xiamen Financial Office block chain letter project, technically by Jinqiu technology starfish chain construction, or based on the fabric of the Union chain technology. The starfish chain, which is an open platform for the chain area of ​​the Jinqiu technology chain, will be involved in the extension of the public chain in the future, through the public chain more open and more dynamic characteristics, service Pratt u0026 Whitney financial regulatory compliance and data security areas, including credit data and Asset sharing transactions and more, to build a starfish public chain, to accelerate the storage, transfer and transaction of credit data, to build a safe and reliable, privacy protection, data sharing and value trading platform to promote participation in the transaction to minimize risk and cost. To seize the future of scientific and technological innovation of the outlet, the use of block-chain technology to achieve B2B2C connection for Pratt u0026 Whitney financial and new economic services, is the future development of starfish chain line. “n
nIt is reported that Jinqiu Science and Technology as a leading domestic financial technology listed on the new three board companies, the beginning of this year to obtain the domestic market listed companies listed on the background of South China Capital and the early capital of 140 million yuan B round of financing. The company’s core team has more than ten years of banking and financial system construction and development experience, now has, including Citibank, HSBC, Shanghai Pudong Development Bank, Guangdong Development Bank, Guotai Junan Securities, more than 80 institutional customers. The company is currently a member of the China Chain Chain Technology and Industry Development Forum, a member of the Financial Block Chain Alliance (Shenzhen), a member of the Hyperionger, led by the Linux Foundation, and has been working for a number of well-known financial institutions and local The financial regulators provide solutions based on block chain integration, credit, bill and supply chain finance.n
nXingChain is a safe, stable, open and shared block-chain technology platform developed by Jinqiu Science and Technology to provide BaaS cloud services that can be used in a variety of scenarios. Not long ago, the platform by the 2017 Shanghai software and integrated circuit industry development of special funds 1.5 million support, is the 600 candidates in the stand out of the only block of the underlying technology platform project.n
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