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As one of the largest fintech markets globally, China leads the world in the development of mobile payments, financial fraud prevention and identity recognition, and consumer finance. While financial vitality continuously nourishes new forms of productive forces, the new forms of productive forces within the financial industry itself are gradually emerging. With the rapid development of fintech, it is increasingly necessary to fully leverage the enabling role of fintech to excel in the "five major articles" of technology finance, green finance, inclusive finance, pension finance, and digital finance.

Lu Shuze, Vice President and Secretary-General of the Asian Infrastructure Investment Bank, believes that fintech is closely related to economic development, with fintech already accounting for more than 50% of the global GDP. This means it plays a very important role in shaping economic development and prosperity, and has become an important element in promoting social progress and improving the efficiency of life.

In the view of Zhang Chudong, the Managing Partner of Financial Services for KPMG China and the Asia-Pacific region, new forms of productive forces are advanced productive forces of the contemporary era, driven by revolutionary breakthroughs in technology, innovative allocation of production factors, and in-depth transformation and upgrading of industries. Among them, large models and other artificial intelligence technologies are one of the main carriers of disruptive technologies and will become an important engine for the development of new forms of productive forces. The innovation of new technologies brings development opportunities to the fintech industry, but also comes with a series of challenges. Faced with these challenges, future fintech companies need to continue to innovate, actively embrace change, and continuously create new chapters in the industry.

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In recent years, the development of new forms of productive forces has become an important force in promoting economic growth. The leap in technology has driven fintech companies to enhance their innovation capabilities and deeply integrate technology with financial services to improve the quality and efficiency of financial services. The recently released "2024 China Fintech Enterprise Chief Insight Report" shows that about 70% of surveyed companies believe that new forms of productive forces can drive fintech companies to enhance their independent innovation capabilities and bring new development opportunities.

"Large models, as an important part of artificial intelligence technology, have promoted the development of new forms of productive forces through technological innovation and industry empowerment, and have shown great application potential and value in many fields," said Huang Aizhu, the Managing Partner of KPMG China's Fintech. The financial industry, as a technology-intensive and data-intensive industry, is the forefront of large model applications. With several leading financial institutions actively promoting scenario-based applications, the integration of the financial industry with large models is becoming more in-depth, and it has greatly enhanced the confidence of fintech companies in the prospects of large model financial applications.

Although 91% of surveyed companies are optimistic about the prospects of large model financial applications, and 47% of surveyed companies already have technical and product layouts, it needs to be seen that, combined with challenges, 75% of surveyed companies believe that general large models "cannot meet the specific needs of the financial field, and training field large models face problems such as low data quality and insufficient accuracy," reflecting that the core issues in the development of current financial large models are still at the technical level.

Faced with challenges, industry insiders believe that it is necessary to deepen the innovative application of fintech in the financial field and other areas, use big data, artificial intelligence and other technologies to improve the credit assessment model of scientific and technological innovation enterprises, promote the innovation of technology financial products, improve the accuracy of technology financial services, and help cultivate new forms of productive forces.

Against the background of innovation and challenges, China's fintech industry is showing strong vitality and development potential. The rise of new forms of productive forces has not only improved the independent innovation capabilities of fintech companies but also brought unprecedented development opportunities to the industry. With the continuous progress of technology and the continuous expansion of application scenarios, in the current industry development trend, fintech companies should continue to adhere to innovation-driven, continuously optimize the rules and self-discipline of fintech regulation, make full use of technological advantages, continue to play the role of regulatory sandbox mechanisms such as fintech innovation supervision tools, strengthen the collaboration of government, industry, academia, and research, improve the fintech industry ecosystem, and deepen the application scenarios of fintech around the "five major articles", and consolidate digital financial infrastructure such as networks, payments, and data, to further promote the high-quality development and high-level security of fintech.