An exhibition hall for financial services of 2023 China International Fair for Trade in Services at Shougang Park, Beijing, on September 2, 2023 Photo:Chi Jingyi/GT

Nearly half of the on-site exhibitors from the financial services sector come from abroad at the 2023 China International Fair for Trade in Services (CIFTIS), which not only showcased the latest breakthroughs in areas such as financial technology, but also China's more and more open market in the financial sector.

The exhibition for financial services, covering more than 14,000 square meters with eight exhibition halls, is held in Shougang Park, one of the venues for the CIFTIS, from Saturday to Wednesday.

A total of 219 domestic and foreign financial institutions and enterprises are participating in the exhibition at 2023 CIFTIS, of which 99 are on-site exhibitors, including 52 domestic institutions and 47 foreign institutions.

Foreign financial institutions come from more than 20 countries and regions in the Americas, Europe, Asia, Africa and the Middle East.

Well-known foreign financial institutions such as HSBC, Standard Chartered Bank, Mizuho Bank, Daiwa Securities, Mastercard, SWIFT, London Stock Exchange and Deutsche Borse are all sharing their latest products and applications while also exploring more cooperation opportunities in the Chinese market.

In recent years, China has actively promoted opening-up in the financial sector, and has formed a multi-channel and multi-level opening-up pattern covering stocks, bonds, derivatives and foreign exchange markets.

Chinese officials have stressed that China will unswervingly expand the opening-up of its financial industry and cultivate a high-class environment for market entities.

As a result, a growing number of global financial institutions recently have increased or plan to increase their holdings of Chinese assets.

At present, the world is ushering in a new round of scientific and technological revolution and industrial transformation. With the digital economy booming, the application of digital technologies such as artificial intelligence (AI) in the financial field is becoming increasingly important.

Financial technology, mainly represented by technology-driven financial innovation in the digital era, is becoming an important part of the construction of the modern financial system, industry practitioners said on Saturday on the sidelines of the CIFTIS.

Domestic financial institutions, such as ICBC Credit Suisse Asset Management (International) Co (ICBCCSI), exhibited FundGPT, an intelligent solution for the asset management industry based on the AI-powered model, at 2023 CIFTIS.

Global Times