Fintech Helping Banks Stay on Growth Track
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14 | Thursday, December 17, 2020 HONG KONG EDITION | CHINA DAILY BUSINESS Retailers embracing green wave to further tap younger consumers By ZHENG YIRAN Energy and Environmental Design [email protected] or LEED participation, a globally International retail recognized green building certifi- Retailers in China are increas- cation system, in China’s retail sec- ingly embracing green practices brands, which own tor. as Chinese consumers care for businesses in China, According to USGBC data, by the environmental protection and end of July, it had received 5,833 sustainable development, experts have made LEED applications in the Chinese said. commitments one market, and 987, or 17 percent, were Huang Qianyi, 29, an office work- from the retail sector. Prominent er in Beijing, considers herself an after another to brands among the applicants inveterate spender who can perhaps accelerate green included 7-Eleven, McDonald’s, stop shopping only by chopping off Starbucks, Nike, Swarovski, Zara, her own hands, in a manner of innovation, in terms Burberry, Gucci and Prada. speaking. This year, she decided to of raw material “In the post-pandemic era, become a discerning consumer by retailers with LEED certification embracing environmental con- technology, supply offer consumers with a safer and Visitors check out fintech products at a bank’s booth during a financial expo in Shanghai in sciousness and steering clear of chain supervision healthier user experience,” Wang September. FANG ZHE / XINHUA profligacy. and business mode.” said. That decision can be traced to the In an interview with Beijing- fact that Huang’s overflowing war- Wang Jing, director of USGBC based fashion media outlet WWD, drobe is stuffed with all kinds of North Asia Torquil Mclntosh, co-founder of dresses, some of which she has not British architecture office Sybarite, even worn yet. material technology, supply chain said that in the wake of COVID-19, Fintech helping banks Her dilemma today is whether supervision and business mode,” retail stores should leave enough she should give them all away or said Wang Jing, director of USGBC safe space for consumers. In this simply stop buying new clothes. North Asia. way, every inch of their skin would A garment-recycling initiative The trend was in evidence during be safe and comfortable. launched by Sweden-based clothing the online shopping festival called With the new concept, retail and cosmetic retailer H&M came to Singles Day on Nov 11. Alibaba stores can give full play to their stay on growth track Huang’s rescue. Group’s online marketplace Taobao imagination to create fresh shop- The H&M initiative encourages offered virtual “environmentally ping experiences, he told WWD. consumers in China to recycle friendly advocate” certificates to “Retail brands have a vast poten- Digitalization and internationally, small and medi- financial institutions to facilitate clothing. It offers 15 percent dis- e-shoppers who agreed to cut down tial to drive greener changes um-sized commercial banks need to high-quality digital transformation count coupons to consumers who on the use of plastic bags and other across the value chain — from seen as key to enhance their competitiveness as of the banking sector. trade in their used clothes to its packaging materials received from influencing suppliers to advocat- keeping lenders fast as possible and achieve better The Global FinTech Adoption stores. couriers or deliverymen. ing consumers. Those retail growth through fintech develop- Index 2019, released by EY, which “I may have been a habitual shop- Swiss food giant Nestle and brands pursuing LEED certifica- afloat in post- ment and digital transformation,” was known as Ernst & Young, per, but I am also all for environ- Aupres of Japanese cosmetics com- tions normally position green Wang said at the fourth China Digi- showed that the adoption rate of fin- mental protection. I sometimes feel pany Shiseido replaced their card- retail spaces and/or green supply COVID world tal Banking Forum held recently in tech among Chinese small and guilty when buying too many board boxes usually heavily Scotch- chains as part of their sustainabili- Shenzhen, Guangdong province. medium-sized enterprises ranked clothes. My worries are now finally taped with zip boxes, in order to cut ty strategies,” Wang said. By ZHOU MO Wang said macro and regulatory first worldwide, particularly in resolved,” Huang said. down on the use of the plastic adhe- The USGBC report said that in Shenzhen, Guangdong financial policies will be more terms of using banking and payment According to a recent report by sive tape. from now to 2030, green-minded [email protected] focused on providing support for services, which stood at 92 percent. the United States Green Building US-based McKinsey Global Insti- younger consumers, who feel they the real economy. Greater attention Adoption rates of fintech among Council, “green” and “sustainable” tute said in a recent report that the have a responsibility for the plan- Development of financial tech- will be paid to ensure compliance, consumers in China also reached have become buzzwords among global business environment is et’s future, are expected to emerge nologies and digital transforma- steadiness and security of financial 87 percent, compared with the retailers in China. veering toward environmentally as the backbone of China’s con- tion are vital for Chinese small and sector enterprises, he added. global average of 64 percent. “Sustainability is no longer a ‘bet- friendly building technologies as sumer market as well as labor medium-sized lenders to survive Liu Feng, secretary-general of Jessica Tan, co-CEO of financial ter-to-have’ option. International demand for greener lifestyles market. and grow as competition and the China Banking Association, conglomerate Ping An Group, said retail brands, which own businesses increases. So, green and sustainable practic- financial risks intensify, officials said the sector has seen major digital transformation has become in China, have made commitments Wang from USGBC said that in es should inform retail brands’ busi- and industry leaders said. progress in making use of fintech a matter of survival for financial one after another to accelerate recent years, the organization has ness strategies in China, industry While capable management to promote its development in institutions in a post-pandemic green innovation, in terms of raw witnessed growing Leadership in experts said. teams, sound systems, strong risk recent years, with a number of digi- era. management capabilities and a talized and intelligent products “Growth rates of ROE (return on healthy corporate culture are being developed. equity) in the Chinese banking among the core elements needed to Fintech achievements have industry dropped from 20.51 per- Targeted agriculture plays important make such commercial banks com- played an important role in address- cent in 2012 to 10.04 percent this petitive, the support of fintech is ing issues such as information year. That shows value returns in vital to keep them afloat amid cur- asymmetry, privacy protections and the sector are narrowing,” Tan rent financial hazards and indus- enhancing banks’ capacity in preci- said, noting that quick changes role to tackle poverty in rural areas try competition, said Wang sion marketing and intelligent risk should be made to deal with the Zhaoxing, a counselor of the State management, Liu said. situation. By YUAN SHENGGAO Council, the country’s Cabinet, and Acknowledging that the indus- She added that Ping An has former vice-chairman of the China try is still in its initial stage of digi- poured 100 billion yuan ($15.3 bil- Zhongshan county in Hezhou, Banking and Insurance Regulatory tal transformation and challenges lion) in the past decade and will South China’s Guangxi Zhuang Commission. lie ahead, Liu said the association inject an additional 200 billion autonomous region, has stepped up “In the current complicated envi- will strengthen its information yuan in the next five years to pro- its efforts to develop specific areas of ronment of competition and in the technology-based service capabili- mote fintech and drive digital agriculture in order to help relieve face of pressure both domestically ty and increase exchanges with transformation of the company. poverty. Edible mushrooms and rice planting have been chosen for industrial agricultural development in Zhongshan county to create jobs France’s Pierre Fabre to go big on and provide people with a stable income, according to the local gov- ernment. dermo-cosmetics in Chinese market The county has established a cooperative for edible mushroom By ZHENG YIRAN Chinese market. In the future, we the new label should conform to cultivation that includes 33 house- will further dig into the market, so the content and look of the original holds living in poor conditions. Pierre Fabre, a French dermo-cos- that Chinese consumers are able to label. This year, the cooperative planted Farmers harvest black fungi in Zhongshan county of Hezhou, metics company, plans to raise its have healthy skin in the long run,” Mao Zhenbin, a senior official at 13.33 hectares of black fungi, creat- Guangxi Zhuang autonomous region. PROVIDED TO CHINA DAILY investment in China’s skin care mar- Choe said. the Department of Science, Tech- ing an estimated net profit of 5,000 ket, one of its senior executives said. On Jan 3, the State Council, Chi- nology and International Coopera- yuan ($760) per mu (666.67 square China, she said, is expected to sur- na’s Cabinet, adopted a new ver- tion of the National Medical meters). Members of the coopera- try involves more than 50 poor require a workforce of 200-300 peo- pass France to become the group’s sion of China’s cosmetics Products Administration, said: tive are expected to increase their households, and is expected to yield ple per day. As a result, local people largest market in three years.