Recently, the People's Bank of China announced the winners of the "2024 FinTech Development Awards," with Ping An Bank Co.,Ltd. securing four accolades. The bank won second prizes for "Data Elements Empowering Digital Upgrade of Supply Chain Business" and "Integrated Compliance & Internal Control Governance Platform Based on Large Models," along with third prizes for "Interbank Digital Ecosystem Connectivity Platform" and "Digital Intelligence Practices in Cross-Border Payments."
The FinTech Development Awards, established in 1992 by the PBOC, represent China's only ministerial-level technology awards in the financial sector, renowned for their authority, professionalism, and industry-wide influence. Among 681 entries in 2024, 290 projects stood out. The judging committee emphasized that FinTech innovation has become a key driver of high-quality financial development in China, calling for accelerated construction of autonomous, secure, and efficient financial infrastructure systems to enhance intelligent and digital capabilities comprehensively.
In recent years, Ping An Bank has actively integrated into the national "Digital China" strategy, leveraging its comprehensive financial and technological strengths to accelerate the fusion of data elements with digital intelligence technologies. This has facilitated the digital and intelligent transformation of its product and service systems, deepening the integration of finance with the digital and real economies. The awards reflect regulatory and industry recognition of the bank's achievements in inclusive finance, compliance, interbank ecosystems, and cross-border payments.
**Digital Inclusion: Data-Driven Supply Chain Transformation** Targeting SMEs' long-standing financing challenges, Ping An Bank has reshaped its digital inclusive finance system using data and technology. Its "Digital Loan" product suite offers intelligent, scenario-based, and personalized financing. By integrating supply chain data flows, the bank enables end-to-end online and automated credit services, embedding financing into core enterprises' transaction chains via open banking platforms.
**Tech-Powered Risk Control & Smart Credit** The bank’s AI-driven risk management system employs machine learning for real-time credit assessment and disbursement. Advanced technologies like Transformer frameworks and blockchain ensure data integrity and compliance, enhancing fraud detection and customer profiling.
**"Hui Xiao Miao": AI-Powered Compliance Platform** Addressing inefficiencies in traditional compliance monitoring, Ping An Bank developed the "Hui Xiao Miao" platform, featuring multi-agent collaboration for real-time oversight. The platform tackles "compliance illusions" through a hybrid data-algorithm-knowledge architecture, serving ten business scenarios from policy consultation to cross-border audits.
**"Xing E Tong": Interbank Digital Ecosystem** The upgraded platform, centered on AI engines for marketing, connectivity, and investment research, has tripled account signings and grown business volume tenfold since launch. It boosts client acquisition accuracy by 30% and slashes institutional onboarding time by 60%.
**Cross-Border Payment Innovation** Ping An Bank’s "Instant Cross-Border Transfer" product leverages NLP and OCR for 80% faster, 24/7 transactions, supported by AI-driven customer profiling and risk monitoring models covering 500+ corporate risk indicators.
Moving forward, Ping An Bank pledges to deepen AI and data integration, advancing financial services to support the real economy and contribute to a modernized financial system.
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