The Bank of China Macao Branch and the Faculty of Business of City University of Macau conducted a seminar on “Banking Challenges and Transformation” at City U, on 9th May. Mr. Yu Jian, the General Manager of the Banking Business Management Department of the Bank of China Macao Branch, was the invited guest speaker. Academic staff members, students and the public were invited to attend this seminar. Professor Kong Fanqing, Vice Rector of City U, Ms. Chen Fen, the Director of the Banking Business Management Department, and Professor Eva Khong, Executive Associate Dean of the Faculty of Business, were invited to attend the seminar. On behalf of City U, Vice Rector Kong presented a souvenir to Mr. Yu Jian.

Yu Jian, the General Manager, used Mr. Ma Yun's words to highlight the challenges facing the banking industry: “If banking does not change, we will change banking”. Nowadays, non-banking institutions such as WeChat and Alipay have already gone far beyond banking institutions, and Silicon Valley is grabbing Wall Street's business. This is a common dilemma faced by the entire global banking industry. Traditional banking services are no longer satisfied with users seeking a faster customer experience in terms of convenience and versatility. In order to gain a foothold in cross-border competition, the banking industry must undergo a variety of transformations, in such areas as network intelligence strategies, customer experience, mobile priority strategies, and blockchain. Mr. Yu Jian focused on introducing the various transformations. At the same time, he also said that Big Data has become the core element in competitiveness. Financial data is one of the largest gold mines in the world today, combined with artificial intelligence and transformation strategies in order to combat the cross-border competition facing the banking industry. Yu Jian, the general manager, explained the enlightenment and opportunities of Macao in the reform and transformation of Macao's local banking industry. This triggered great interest among the students present, who responded enthusiastically.