the lawful interests of all players. fifthly, strengthening international coordination for cross - border data flow. china has recently put forward the global data security initiative, calling for respect of sovereignty, jurisdiction and data security management rights. it is a basic principle to balance development and security. and we will enhance cross - border coordination to jointly promote a more open, fair and nondiscriminatory business environment. ladies and gentlemen, the booming digital economy connects us more closely than ever before. let ’ s join hands together to promote the healthy development of fintech. to conclude, i wish this event a great success. and wish you all good health. thank you! 3 / 3 bis central bankers'speeches

guo shuqing : fintech developments, challenges and supervision in china video speech by mr guo shuqing, party secretary and deputy governor of the people's bank of china and cbirc chairman, at the singapore fintech festival ( sff ) 2020, 8 december 2020. * * * ladies and gentlemen, dear friends, it is a great pleasure to attend the singapore fintech fesitval 2020. i would like to share the latest fintech developments in china and some of our observations. first, updates on fintech developments in china. over recent years, fintech has been developing rapidly and robustly in china. financial institutions made continued efforts to promote digital transformation. financial products and tools became more diversified, and financial services more efficient and inclusive. with wide coverage of e - payment, in particular mobile payment, basic financial services are now available across the whole country. even in the most remote areas, every adult has his or her own bank account. china now ranks high in terms of the coverage and volume of mobile payments. this enables real time processing of deposit, withdrawal and remittance. online shopping is booming, providing more convenience to daily life. digital credit has fundamentally improved the financial services for micro and small enterprises, the self - employed and farmers. banks use big data for smart risk management, which reduced reliance on collateral and made loans more accessible. by the end of october this year, micro and small firms with banking credit have reached 27 million, loans for these firms and the selfemployed grew by over 30 % year on year, and loans to farmers grew by 14. 3 %. digitalisation remarkably expanded insurance ’ s coverage. in china, basic pension has covered 1 billion people, and basic medical insurance has covered more than 1. 3 billion, with crossprovince fee settlement achieved. by video and remote authentication, key parts of the insurance business have been moved online. in the first half of this year, internet life insurance premium grew by 12. 2 % year on year, internet property insurance companies ’ premium grew by 44. 2 %. financial digitalisation has made huge contribution to poverty alleviation. with multiple digital tools, financial institutions can well target their funding support to poor households. by the end of september this year, small loans for poverty alleviation totaled 504 billion yuan, benefiting 12 million households. financial institutions also set up online platforms to connect producers with consumers. through online marketing, credit reference, guarantee and payments