Over the last decade, the financial industry has actively coalesced emerging technologies, and financial institutions have gradually transformed and upgraded towards digitalization and global information sharing. From payment transactions to diverse financial services, financial technology has been widely applied to the daily operation of financial institutions. This has brought great convenience to the financial services field. However, opportunities coexist with risks. While new technologies help provide a more convenient and efficient system, new cases and methods of financial crime are increasingly emerging. Under this environment, financial institutions are facing more operational risks while providing financial services to customers, requiring improved and more efficient financial security technology to safeguard financial institutions from new and emerging risks from cyber-crime.
Ms. Wu Chiu Hsia, a well-known financial security technology expert, believes that financial technology covers a broad range of dimensions, from Internet usage to big data storage and utilization. Financial security technology has been constantly expanding in the application of financial services and bringing changes in all aspects. With the increasing complexity of the financial industry and new types of financial risks emerging, the difficulties in supervising and overseeing the safety of financial systems has also correspondingly been challenged. Financial security is an integral and essential part of national security. Thus, financial security in the context of the rapid development of financial technology needs to be resolved by striving to develop financial security technology and supervision technology.
Ms. Wu Chiu Hsia, Team Head of Group Financial Crime Risk Management at Ping An Group, a Fortune 500 company, said in our interview: “My team and I have been conducting financial technology innovation research and development to protect customers’ privacy and the rights and interests of financial institutions, controlling financial risks, preventing financial fraud and improving the security of financial services.”
With a professional background in Business Law, Audit and Commerce education, Ms. Wu Chiu Hsia has been proactively involved in the field of financial technology for more than ten years, and has extensive work experience in financial payment platform development , anti-money laundering, Group wide compliance supervision, risk assessment in financial subdivisions. She has served as a Senior Manager and acts as a Team Leader in many well-known international financial institutions, including OCRA (Hong Kong) Limited, Standard Chartered Bank (Hong Kong) Limited, Coutts & Co AG Hong Kong Branch , BNP Paribas Hong Kong Branch and EFG Bank AG, Hong Kong Branch. Her work is highly regarded and respected internationally and locally, particularly in the field of financial crime prevention and control and financial technology research and development. Her success has built up her reputation and demonstrated remarkable strengths and she has greatly enhanced the financial technology employed in the financial institutions she has served over the years. With her enthusiasm and passion in financial technology research, Ms. Wu has helped to design a series of advanced financial security systems in various areas including: big data, artificial intelligence, block chain and other technologies. These changes and innovations have been widely applied and have helped to build a secure financial services system across large, medium and small financial institutions in the fields of virtual banking, traditional banking, insurance, online investment platforms and other areas.. The financial service systems that Ms. Wu Chiu Hsia developed has been highly recognized by the market and generated enormous economic and social benefits to the general public as well as financial institutions.
According to the Fourth National Economic Census Series Report, among the tens of millions of enterprises in China, the number of small, medium and micro enterprises accounted for 98% of the total. The small, medium and micro enterprises played an irreplaceable role in our country’s economic development, technology invention and creation, product and service innovation, and creation and absorption. They have formed an integral role in economic development. Although small, medium and micro enterprises can contribute greatly to the economy, they also have common characteristics of inadequate assets, non-linear high growth rates and insufficient credit history. Compared to large scale enterprises, they are quite restricted in access to financial services such as financing and credit needs. Ms. Wu Chiu Hsia has a forward-looking insight into the development needs of the small and medium enterprise industry. As early as 2017, she developed the Big data-based Financial Supervision System for Small and Medium-sized Enterprises by integrating big data technology with a hybrid expert system in the field of artificial intelligence. The application of the system helped banks and other financial institutions to build a risk evaluation model that met the unique characteristics of small and medium-sized enterprises. As a result of the introduction of forward looking risk evaluation models, banks have been able to fully explored enterprise value, and improve the evaluation efficiency of their credit investigation, risk control and repayment ability. The system has also reduced the service threshold and service cost of financial institutions and increase the inclusion of small and medium-sized enterprises’ financial needs to obtain loans to grow their businesses. Subsequent to the loan being granted to the borrower, the System could supervise the capital flows of the company so that the financial institution can get a clearer picture of the latest financial status of the company in real time, thus mitigating the dangers of bad debts and credit risk to the financial institution. The Big data-based Financial Supervision System for Small and Medium-sized Enterprises service has become so popular and widely adopted that it now covers thousands of small, medium and micro enterprises. The System also helps banks and other financial institutions to achieve precise identification, management and services for target customers with regards to Hire Purchase Finance. It allows Hire Purchase Finance to be more readily available, alleviates outstanding credit, information and power problems of Hire Purchase Finance and promotes the long-term sustainable development of HP Finance. During the COVID-19 epidemic, Big data-based Financial Supervision System for small and medium-sized enterprises helped with epidemic controls and allowed material manufacturers to obtain loans in a timely manner. In fact, the system helped a wide range of sectors, including construction, pharmaceuticals, cultural tourism, public transportation, retail and wholesale industries and contributed significantly to the steady growth of the Chinese economy despite the conditions of the epidemic.
Ms. Wu Chiu Hsia, as a market leader of financial technology has persistently been innovative and pro-active in developing new financial technology, In recent years, she has also developed a Financial Transaction Operation Monitoring System Based on Face Recognition, Digital Currency Flow Tracking System Based on Block Chain, and Smart Financial Cross-border Payment System Based on Blockchain BaaS Platform, etc. With her in-depth understanding of financial business, legal system and comprehensive research in information technology, Wu Chiu Hsia creatively adopted the federated learning technology in a secure computing framework, supporting homomorphic encryption at the security level and supporting logistic regression at the algorithm level. She broke data islands by making data available and invisible and built a more scientific financial security service method for customers. As well as protecting customers’ privacy, her technological achievement can prevent illegal transactions and money laundering conducted by criminals relying on the confidentiality of their own identity information. This helps to solve dual problems of user experience and financial security.
Today, our country is building information security with the use of technologies envisioned and developed by Ms. Wu Chiu Hsia, which helps to promote financial technology ecosystem into a broader and safer environment to boost healthy development of China’s financial technology. These technological achievements are an extraordinary achievement in the entire Chinese financial field. Ms. Wu Chiu Hsia’s outstanding innovative ideas and practical creativity, as well as her inspiring insight into the development trends of the industry well respectfully make her deservedly a world-renowned and reputable leader in the industry.
With more than ten years of financial career in assiduous research and her persistence in the field of financial security, I believe Miss Wu will continue to use her professional knowledge to open up a new age of financial technology systems and applications, enabling the healthy development of the economy globally!
Reporter: Wentao Ma