Vice Minister of Finance Liao Min: In the future, China will build the infrastructure of digital finance, including digital currency and computing power

On March 31, Liao Min, Deputy Director of the Office of the Central Financial and Economic Commission and Deputy Minister of Finance, stated at the “Financial Infrastructure and Financial Services in the Digital Era” roundtable at the 2023 annual meeting of the Boao Forum for Asia that the financial industry has a huge amount of data, and we need to make good use of data, conduct data management, and data governance to unleash the potential of financial data. He said that the digitization of the financial system or finance is an ecosystem that needs to be adaptive and resilient.

Vice Minister of Finance Liao Min: In the future, China will build the infrastructure of digital finance, including digital currency and computing power

I. Introduction
A. Brief overview of the topic
B. Purpose of the article
II. Importance of Data in the Financial Industry
A. The role of data in the financial industry
B. The amount of data in the financial industry
C. Advantages of using data in the financial industry
D. Challenges of managing and governing financial data
III. Digital Era and Financial Infrastructure
A. The digitization of the financial system
B. Benefits of digitization
C. Challenges of the digitization process
D. The need for adaptive and resilient financial infrastructure
IV. Data Management and Governance in Finance
A. The importance of data management and governance
B. The role of technology in data management and governance
C. Best practices for data management and governance in finance
V. Conclusion
A. Summary of the article
B. Future prospects of data use in finance
C. Call to action
# Article
**On March 31, Liao Min, Deputy Director of the Office of the Central Financial and Economic Commission and Deputy Minister of Finance, stated at the “Financial Infrastructure and Financial Services in the Digital Era” roundtable at the 2023 annual meeting of the Boao Forum for Asia that the financial industry has a huge amount of data, and we need to make good use of data, conduct data management, and data governance to unleash the potential of financial data. He said that the digitization of the financial system or finance is an ecosystem that needs to be adaptive and resilient.**

I. Introduction

The financial industry has witnessed a remarkable transformation in recent years. The course of digitization, coupled with advancements in technology, has dramatically changed the way we perceive and interact with financial systems. The digitization of the financial industry has also brought a tremendous amount of financial data. The proper utilization of this data is critical for the success of the financial industry. This article aims to provide a comprehensive overview of the importance of data management, data governance, and financial infrastructure in the digital era.

II. Importance of Data in the Financial Industry

The financial industry relies heavily on data. Financial institutions collect, share, and analyze data to make informed decisions. The amount of financial data generated is enormous, with financial institutions possessing a vast repository of data related to clients’ financial behavior, performance, risk, and compliance. The proper utilization of this data can lead to tremendous benefits for financial institutions, including better risk management, increased customer satisfaction, and improved decision-making.
However, the effective use of data in finance comes with its challenges. One of the most significant challenges faced by financial institutions is the management and governance of financial data. Financial institutions must ensure the integrity, confidentiality, and accessibility of financial data while conforming to various regulatory requirements.

III. Digital Era and Financial Infrastructure

The digitization of the financial industry has brought about tremendous benefits. Digitization has enabled financial institutions to provide efficient services to their clients, reduce costs, and improve revenue streams. Digitization has also opened up new revenue streams, such as electronic payment systems and online lending.
However, the process of digitization comes with its challenges. Financial institutions must ensure that their digital infrastructure is adaptive and resilient. This means that financial institutions must be able to withstand cybersecurity threats, technology disruptions, and other challenges.

IV. Data Management and Governance in Finance

Data management and governance play a crucial role in ensuring the proper utilization of financial data. Data governance is the process of managing the availability, usability, integrity, and security of data. Effective data governance ensures that financial institutions comply with regulatory requirements, maintain the quality of data, and protect confidential information.
Data management, on the other hand, refers to the collection, storage, and processing of data. Financial institutions must implement robust data management systems that are scalable, secure, and flexible enough to accommodate changing business requirements.

V. Conclusion

In conclusion, the effective utilization of financial data is crucial to the success of the financial industry. Financial institutions must develop effective data management and governance frameworks that ensure the proper utilization of financial data while conforming to regulatory requirements. The digitization of the financial industry is an ecosystem that needs to be adaptive and resilient, reflecting its fast-paced and rapidly-changing environment. Financial institutions that take advantage of data and technology will be in an excellent position to thrive in the digital era.

FAQs

1. What is data governance in finance?
Data governance in finance is the process of managing the availability, usability, integrity, and security of data. It ensures that financial institutions comply with regulatory requirements, maintain the quality of data, and protect confidential information.
2. How does the digitization of the financial industry benefit financial institutions?
Digitization enables financial institutions to provide efficient services to their clients, reduce costs, and improve revenue streams. It has also opened up new revenue streams, such as electronic payment systems and online lending.
3. What are the challenges faced by financial institutions in the digital era?
Financial institutions in the digital era must ensure that their digital infrastructure is adaptive and resilient against cybersecurity threats, technology disruptions, and other challenges that may arise.