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Community Blog 2024 Alibaba Cloud Fintech Go Global Summit Successfully Concluded

2024 Alibaba Cloud Fintech Go Global Summit Successfully Concluded

This article introduces the highlights of the Alibaba Cloud International Fintech Summit, where industry leaders gathered to discuss crucial topics while expanding financial businesses globally.

The Alibaba Cloud International Fintech Summit wrapped up effectively with key players from the industry engaging in important discussions about complying with regulations and adapting to local markets when expanding finance businesses internationally. AI and tech support were emphasized as critical factors. Attendees considered strategies for fintechs to thrive globally, balancing seizing opportunities and avoiding risks. Data shown by analysts revealed AI's and computing's benefits to finance. Vice Chairman and Financial Services Industry Leader of Deloitte China, Wu Weijun highlighted the essential need for compliance in global growth using a metaphorical story.

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Next, let us listen to the insights of industry pioneers.

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Selina Yuan, Vice President of Alibaba Group, President of Alibaba Cloud International

Alibaba Cloud's globalization journey goes beyond the worldwide expansion of the infrastructure. It is rooted in years of service to local customers, a deep understanding of their practical needs, and an intimate knowledge of market dynamics. Alibaba Cloud is poised to empower Chinese enterprieses to thrive in the global landscape.

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David Wu, Vice Chairman and Financial Services Industry Leader of Deloitte China

From the perspective of fintech's tangible forms, Alibaba Cloud essentially provides every one of its customers, individuals or businesses, with the function to open a payment account. The presence of fintech has greatly improved transaction efficiency, which represents the most inclusive form of finance.

Keep the bottom line, fill in the gaps, and pursue the long term, shift from Formal Compliance to Compliance-based, from Cultural Integration to Cultural Fit, from Short-term Performance to Long-term Value

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Vakee Lai, Founder and CEO of RockFlow

Through an AI-native investment and financial management platform, we can integrate investing into everyday life and provide users with the ultimate personalized experience. Financial services represent the ideal scenario for AI integration. By meeting regulatory requirements, financial expansion overseas becomes the most promising opportunity with the greatest potential for scalability.

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Zunlei Xiao, Chief Scientist of Rong360

Alibaba Cloud has excellent resource elasticity features, ensuring that when encountering high concurrent business peaks, it can immediately provide sufficient computing power while effectively controlling cost expenditures. According to our practical application experience, this solution can significantly save about 50% of computing power costs, and the benefits are very significant.

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Garry Sien, Chief SA of Global Financial Services Solutions, Alibaba Cloud International

In all the solutions we provide, we will always put risk control first, not only for our own business, but also for our customers and our partners.

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William Xiong, Vice President of Alibaba Cloud International, General Manager of Industry Solutions

SuperApp 2.0 is more than a tech platform – it's a living ecosystem that brings diverse features together. Here, merchants can quickly build mini-programs using our specialized platform, making the SuperApp even more versatile. Our ISV partners get to use both the mini-program and app development platforms to create industry-specific solutions, plus essential business features like EKYC, AML etc. This makes the SuperApp ready to use right away, meeting local rules and user needs perfectly. It's a game changer for finance companies going global, smoothing their path into new markets and turbocharging their growth.

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William Yao, ZOLOZ CTO

Alibaba Cloud's significant advantage lies in its deep integration into and adaptability to the financial ecology of different regions, especially its precise grasp of the local regulatory environment. In the face of increasingly stringent data security regulations and personal privacy protection requirements in various countries and regions around the world, such as regulations such as the prohibition of cross-border transmission of data, Alibaba Cloud has demonstrated a forward-looking compliance strategy.

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Bridge Song, Vice President of Alibaba Cloud International

The Alibaba Cloud Go Global Fintech Committee was established with the vision of uniting providers spanning various industries and regions under one umbrella, thereby creating a holistic service platform. Our paramount objective is to furnish businesses embarking on their international endeavors with exhaustive product solutions and services, thereby empowering them to venture onto the global stage with confidence and pave their path to international success.

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Tan Liang, Deloitte China Chief Growth Officer

Deloitte China Chief Growth Officer Mr. Tan Liang, underscored three key points for Fintech companies expanding overseas: entrepreneurial spirit, technical support, and risk management and compliance. He offered that Deloitte, as a leading global professional services organization, will assist Chinese enterprises in securely and robustly expanding into international markets from a perspective that combines global resources and humanistic care, facilitating sustainable growth.


Finally, with the formal establishment of Alibaba Cloud Go Global Fintech Committee, the conference was pushed to the next climax. By creating a one-stop service platform, Alibaba Cloud hopes to provide a full range of product solutions and services for overseas companies, helping more companies to go !

Panel Discussion

As the moderator of the panel discussion, Tan Liang, Deloitte China Chief Growth Officer stated: "Deloitte and Alibaba Cloud have been global strategic partners for years, with successful collaborations in digital transformation, supply chain optimization, and building the industrial internet ecosystem. Deloitte also has dedicated expertise in supporting Chinese enterprises' global expansion, providing one-stop, comprehensive services to facilitate the integration of Chinese businesses into the global market."

AI Rudder Vice President, Head of Global Sales & Customer Success, Bianca summarized her speech into eight words: "Mutual prosperity and collaborative success." Partnering with and trusting a stable and reliable collaborator can significantly accelerate a company's stability and long-term growth during business advancement.

Partner and CPO of Fintopia Group, Xudong Jia emphasized the importance of understanding the user habits and local regulatory policies of other countries, advocating not just for globalization but also for localization.

Min Xu, Data Analytics and Risk Management Lead of 6Estates mentioned that AI in fintech should form a productive force, not just be seen as a chat tool. It is the creation of productive AI that can aid the entire fintech industry in expanding globally.

Partner of Eminence Ventures, Laven Luo offered two pieces of advice. First, entrepreneurs in the fintech field should believe in the power of product technology. Second, embrace AI and let it run through your product's veins; it can truly enhance the strength of the product, maximizing its value and serving more customers.

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We wish every financial entrepreneur success in Go Global journey.

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