Intelligent finance alliance expands at tech conference

The Intelligent Finance Open Ecology Alliance welcomed new members at WAIC 2024, showcasing the deepening integration of artificial intelligence (AI) within the financial sector and the spread of smart, reliable accounting applications across diverse industries.

The alliance now boasts 14 members, including organizations such as the Association of Chartered Certified Accountants (ACCA) and industry leaders Huifu, Kingdee, Citic Bank, China Meheco and Shanghai Airport. This diverse membership spans finance and accounting associations, software providers, payment processors, banks, health-care institutions, server companies, energy firms, airports, and online retail, according to an Intelligent Finance WAIC forum held over the weekend.

"Finance sits at the heart of effective enterprise management," according to Wang Dong, deputy director general of the Ministry of Finance's accounting regulatory department. "Integrating AI will significantly accelerate the digital transformation of the accounting industry in this new era," he said.

The Shanghai Commission of Economy and Informatization echoed this sentiment, highlighting the city's push towards integrating the Internet, big data, AI, and the Metaverse with the real economy. They further emphasized the role of intelligent finance as a new force of high-quality productivity and innovation.

Leaders from the alliance member companies shared their opinions.

Zhou Ye, chairman and CEO of Huifu, emphasized the evolving role of finance professionals in the digital age: "Finance workers have become data workers. To thrive in smart finance, they must focus on five key factors: data, connectivity, modeling, collaboration, and intelligence."

Shanghai-based Huifu processes an average of 30 million payment transactions daily. Zhou elaborated on their ongoing efforts to upgrade systems and services to ensure seamless data connectivity.

Similarly, Xu Shaochun, chairman of Kingdee, provider of financial software and ERP (enterprise resource planning) solutions to millions of businesses, discussed the industry's shift.

"Today enterprises are moving beyond basic finance systems and embracing AI-powered finance platforms," Xu told the forum.