Financial Services – Promoting the Relocation of Financial Resources and Cooperation of Intellectual Capital Innovation

The Third China Banking, Financial Services and Insurance (BFSI) Outsourcing Summit opened at Huaqiao, Kunshan on Oct 20, 2011.

BSFI attracted renowned regional and local banks, securities companies, insurance companies, fund management companies and financial services outsourcing suppliers from the United States, United Kingdom, France, Holland, Hungary, Japan, India and the Philippines, and regions such as Taiwan province and Hong Kong.

World top 500 corporations, e.g. Bank of America, World Bank, Atos Origin, British Petroleum Company, Bank of China, Bank of Communications, Ping An Assurance, IBM and Fuji Xerox, and enterprises from China's top 500 companies attended this meeting.

During the meeting, exchanges were made among the participants on promoting the relocation of financial resources and cooperation of intellectual capital innovation.

In 2011, the competition in the financial industry has become more complicated and volatile and many other new factors are speeding up resource integration and service innovation of the financial industry.

On the one hand, IT-related outsourcing services still account for two-thirds of the global total, however in the financial outsourcing field, as the rise of offshore sourcing and BPO business, financial enterprises are making significantly larger profits from outsourcing. Financial outsourcing has also been a mainstream of the international outsourcing market.

On the other hand, with the ever-expanding openness of China's financial sector and fierce competition, there is a growing number of domestic enterprises drawing upon the experience of foreign financial institutions, and concentrating existing resources on core business in the form of outsourcing and shared services to form and enhance their core competence.

Another noteworthy new trend is that various banks, insurance, securities, investment and other financial institutions have started to pay closer attention to building the financial service industrial chain, and lay a foundation for future innovation service models.

The awarding ceremony of "China Financial Services Innovation and Cooperation" an industrial elites selection event was also launched during the summit.

It is believed that participants' ideas and exchange concerning the most significant issues of the financial services and outsourcing industry in China and the world is bound to turn the BFSI Summit into a high-end, high-efficiency and high-quality platform for information exchange and resource docking.

The BFSI Summit was held in 2009 and 2010, where it was honored as the most influential annual gathering in China's financial services and outsourcing field.

The hosting of the summit has also promoted the rapid aggregation of the financial services outsourcing industry in Kunshan Huaqiao International Service Business Park.

A number of high-end enterprises highly capable of financial product R&D, financial software development, financial innovation and system integration including French Capgemini, US Genpact, Longtop Financial Technologies, Worksoft, Shanghai Wicresoft, Digital China and Global Data Solutions, leading financial BPO companies as well as financial IT infrastructure service enterprises have participated in the summit.

The Park has become the financial services outsourcing industrial hub with the highest aggregation degree and the most complete industrial chain. It has been awarded the title of "Top 10 Service Outsourcing Parks in China" for two consecutive years.

Attendees of the meeting included Lu Jun, acting mayor of Kunshan Municipal People's Government, Cao Fulong, executive vice mayor of the Standing Committee of Suzhou Municipal Party Committee, Wang Quan, deputy secretary-general of Jiangsu Provincial People's Government, Qian Fangli, director of China Service Outsourcing Research Center, Zhu Xiaoming, president of China Europe International Business School, Zhao Linghua, director of Balance of Payments Department of State Administration of Foreign Exchange, Li De, deputy inspector of Research Bureau of People's Bank of China and Zhang Hanya, chairman of Investment Association of China, who extended welcome to more than 300 participating guests, interpreted policies pertinent to financial services, analyzed and forecasted the future development trend of the financial services outsourcing industry.