Balancing financial innovation, risk

BEIJING - In today's China, a quick response (QR) code is a must-have for retailing businesses. From grand department stores to food stands on street corners, they are put up everywhere to make things easier: by scanning the codes, people can pay for almost anything.

But it has also made things easier for scammers. QR codes are so accessible that a simple scanning of an unidentified barcode can lead to loss of huge money or massive personal information leakage.

The popularity of QR codes is only an example of the revolutionary changes brought by financial technology (fintech). In 2017, while people enjoyed better financial products and services, concern was also rising about risks and challenges. As a young market, China's financial firms have been quick to adapt their thinking to changing technology and business. After the explosive fintech growth in 2015 and 2016, relations between technological advancement and China's financial sector have grown even closer this year.