By outdoor-nature-child.com In an interview on October 20 in Beijing, Ant Group President Han Xinyi highlighted the growing risk of a new digital divide in the age of emerging technologies. He spoke at the 2024 Financial Street Forum’s Fintech Subforum, which focused on how financial technology can help bridge this digital gap.
“Technology is a key force in closing the digital divide,” Han remarked, emphasizing the importance of proactive measures in the rapidly evolving tech landscape. He explained that the application of new technologies often presents barriers, as disparities in economic development lead to gaps in hardware and infrastructure, which in turn restrict the application of technology. Moreover, different populations and businesses adopt advanced digital tools at varying paces, further contributing to the digital divide.
Han identified digital payments and digital finance as crucial pathways for narrowing this gap. With the help of big data technologies, even the smallest enterprises can access inclusive financial services. He provided an example of the “Bailing System” developed by MYbank, which leverages AI to assess the creditworthiness and limits for small and micro businesses. Through this system, these businesses can simply upload contracts, invoices, and transaction records, allowing AI to facilitate credit increases without human intervention. As of now, the Bailing System has served over 8 million small businesses, with an average loan limit increase of 45,000 yuan per entity.
Additionally, he discussed a collaboration between the Ministry of Agriculture and Rural Affairs’ Big Data Development Center and MYbank, aimed at providing innovative financial services to rural communities, particularly for “credit invisibles” in agriculture. Traditionally, the low level of digitalization in agriculture made it difficult for farmers to meet banks’ lending criteria. This project employs satellite remote sensing and privacy computing technologies to integrate agricultural data into financial risk management, allowing for real-time analysis of farmers’ operations to determine loan amounts. Farmers can now apply for loans with just a few clicks on their phones, receiving instant approvals and repayments. By May 2024, this initiative had reached over 6 million farmers, with 78% of accredited farmers managing less than 10 acres, totaling a cumulative credit issuance of 94.6 billion yuan.
Han stressed that in the digital age, no one should be left behind. Ant Group has initiated the “Blue Vest” campaign to make digital life more accessible for the elderly. Focused on themes like mobile phone usage and fraud prevention, the campaign has reached over 70 cities, hosting 24,000 events and aiding 1.56 million seniors over four years.
He believes that bridging the digital divide requires companies to enhance their awareness, capabilities, and dedication, alongside the collective effort of society as a whole. “Tech companies must realize their responsibilities in closing the digital gap,” Han asserted. “This is not just a social obligation; it’s essential for sustainable enterprise growth. We must prioritize social responsibility, aligning social value with commercial goals and ensuring that corporate responsibility becomes a shared ethos among all employees.”
Furthermore, Han noted that tech companies should continually strengthen their capacities in identifying and mitigating new forms of digital divides. “The term ‘good’ in this context involves two aspects,” he explained. “It refers to a benevolent approach, ensuring technology aims for broader inclusivity, while also highlighting the necessity for tech developments to address problems that arise within their domain—making new technologies simpler and user-friendly so that all sectors can benefit.”
In conclusion, Han emphasized that closing the digital divide is a collective endeavor requiring collaboration across society. We need in-depth academic research, media advocacy, and regulatory coordination to unite efforts in gathering more strength to tackle this challenge.