On September 12-13, Liu Ying, a researcher at Chongyang Institute for Financial Studies, Renmin University of China (RDCY), was invited to attend the ASEAN Mobile Payment Industry International Summit Forum in Kuala Lumpur, Malaysia. More than 100 experts of the financial industry in the payment industry from Turkey, China, Malaysia, Singapore and other countries discussed the technology and development of the mobile payment industry and explored the development of the ASEAN mobile payment ecosystem.
The ASEAN Mobile Payment Industry Summit was hosted by a senior researcher from the Bank of Turkey. The meeting was attended by senior economists from the Bank of Turkey, head of the Digital Innovation Strategy Department of Bank of Malaysia, Chief Information Officer of Standard Chartered Bank, dean of Academy of Internet Finance, Zhejiang University, person in charge of UnionPay in Singapore, Chief Operating Officer of Inspiry, Chief Operating Officer of Cross-Border Payment Bank, etc.
Researcher Liu Ying made a keynote speech on the mobile payment industry and legal digital currency. First, she shared the global development of the mobile payment industry. China maintained number one position in the global mobile payment industry in recent years. Comparing the differentiation trend of mobile payment industry between China and the United States, we can see that the mobile payment industry in the two countries is evenly matched in 2011. However, after five years of rapid development, China's mobile payment industry is 90 times larger than that of the United States in 2016.
ASEAN has a population of over 600 million, and the trade volume between China and ASEAN exceeds 500 billion dollars. Therefore, ASEAN has huge growth potential in the mobile payment industry. In addition, ASEAN is the first stop for Chinese tourists to travel abroad. A large number of tourists will drive the development of China's mobile payment industry in the ASEAN region.
Researcher Liu Ying summarized the rapid development of mobile payment in China and pointed out the advantages of mobile payment in terms of convenience, openness, security, inclusiveness and innovation, etc. In the development technology and risk supervision of the mobile payment industry, she compared the technical characteristics and development status of remote payment (QR) and proximal payment (NFC), and pointed out that the aggregation payment has advantages in market expansion.
Finally, Researcher Liu Ying shared the development status of the global legal digital currency, and pointed out that in the context of the rapid development of mobile payment, China has achieved rapid development in the research and exploration of legal digital currency. Countries around the world, including Tunisia and Serbia, have already issued digital currencies.