FinUp Group CSR: Apply Science and Technology to Fulfill Social Welfare
BOAO, ChinaJune 5, 2018
On May 30th, “Responsibility driven growth, inclusive transmit temperature – FinUp Group 2013-2017 Corporate Social Responsibility Report Presentation Conference” was held in Beijing. The first corporate social responsibility report of the FinUp Group was officially unveiled. Xiong Huajun, deputy secretary-general of Chinese Electronics Standardization Association; Xu Xu, deputy secretary-general of China Children and Teenagers’ Fund; Yang Tao, assistant to the director of the Institute of Finance and Banking, Chinese Academy of Social Sciences; Chen Weihong, famous host and founder of Hong Foundation; Hu Meijuan, editor-in-chief of “Finance World” of Xinhua News Agency; Patrick Dong, Co-partner and CEO of FinUp Group; and Bai Bo, Vice President of FinUp Group attended the meeting.
Patrick Dong elaborated on the practice and thinking of FinUp in regard to corporate social responsibility at the meeting. He believes that finance can be smooth sailing only by enhancing service awareness and responsibility, putting people first in order to better serve the real economy.
In this five-part CSR report, FinUp presented its perspective on “Compliance management”, “Practicing inclusive finance”, “Technology development”, “Employee care” and “Social welfare”. The report not only records the social responsibilities of FinUp to society, industry, and users for the past four years but also disclosed the details of FinUp’s experiences in internal management and information assurance for the first time.
According to the report, FinUp has always regarded “compliance development” as the foundation of the company. The rapid and healthy development of fin-tech cannot be separated from regulatory guidelines. Since its inception, FinUp has been actively responding to regulations, strictly implementing regulatory requirements, and promoting industry development with its own actions.
Based on the nature and characteristics of the industry, risk management is of paramount importance. Internally, FinUp is actively building a compliance culture. Starting from the actual business and optimizing management requirements, FinUp constantly updates and improves its internal system, conducts compliance education and promotes risk prevention.
In terms of technology development, FinUp has been applying science and technology to promote financial development for the pastfour years. FinUp independently developed FinUp Cloud Atlas, an intelligent big data dynamic risk control system. FinUp even integrated this system with the anti-fraud system of the China Electronic Commerce Association of the Ministry of Industry and Information Technology to strictly control fraud risk and credit risk, effectively preventing financial risks and improving information security.
Through the innovative application of big data and artificial intelligence technology in internet finance, FinUp now owns brands such as Iqianjin, Money Station, FinUp Credit, Renmai, and FinUp Car. This wide variety of platforms allow FinUp to satisfy its users’ demands for different financial services. FinUp now covers more than 30 million users, helping countless small and micro business owners and ordinary people satisfy their demands for loan consulting, investment and consumption information services, giving them an opportunity for growth and change.
Employee care is also an important part of exercising corporate social responsibility. Wherein, FinUp regards talent as the foundation for promoting the steady and healthy development of the financial technology industry. Taking the corporate social philosophy as the guide and sticking to the principle of talent inspection that is based on ability, potential, and values, FinUp provides employees with diversified career development paths, forms an open, three-dimensional, and transparent communication culture, and creates a broad development space for employees while achieving a win-win situation for both company development and employee growth.
The CSR Report said that financial technology should embody humane care and benefit thousands of households. Therefore, from the very beginning of its establishment, FinUp adhered to the vision of “Warm finance up”. FinUp aims to lower thethreshold of financial information services and make every effort to create “affordable” inclusive financial services.
FinUp has been active in the fields of caring, education, poverty alleviation, and environmental protection for disadvantaged children since its establishment, and has actively contributed to society. According to the CSR Report, in the field of caring for disadvantaged children, FinUp funded Chunhui Children for three consecutive years to provide emotional care for orphans and disabled children. In the field of education, FinUp attracts potential talents to the industry by setting up “Soh Bing·FinUp” special scholarship, funding PBC School of Finance, Tsinghua University to set up the “Internet Finance Laboratory”, and participating in the donation “The Blockchain Research Center of the FinTech Research Institute of Tsinghua University”. On the other hand, FinUp also serves as a communicator of the financial concept and assumes the responsibility of popularizing finance education to customers and society.
Relying on Iqianjin, FinUp created original financial education columns, such as “Novels for Wealth”, to promote the popularization of financial knowledge and finance education. In the field of precision poverty alleviation, FinUp actively responded to national policies and launched a “financial poverty alleviation plan” to help farmers generate income in key poverty alleviation areas. Combining micro-credit information services with e-commerce poverty alleviation, FinUp has jointly launched the “Village Fire Project” with YouChange China Social Entrepreneur Foundation to train e-business poverty alleviation leaders in poor areas and guide the poverty-stricken households to increase income in all areas by drawing upon the experience gained on key points.
Patrick Dong stated that in order to make public welfare more systematic and professional, FinUp also established the Corporate Social Responsibility Committee, employee volunteer system and FinUp Foundation. At the meeting, FinUp signed a contract with the China Children and Teenagers’ Fund and formally launched the “FinUp Special Fund”. The fund will be dedicated to funding and carrying out child-related charitable projects to provide public welfare for the health, education, safety, and development of children, especially children in distress.
The financial technology industry will have a very important role in social development
The honored guests also highly praised FinUp’s CSR report. They believe that financial science and technology have natural attributes in social responsibility and this industry itself is based on social responsibility.
Yang Tao, assistant to the director of the Institute of Finance and Banking, Chinese Academy of Social Sciences, stated that, “Financial technology companies need to attach importance to the role of fulfilling their social responsibilities. It cannot be regarded as an additional operating cost of the company. Instead, it should be regarded as an investment based on a long-term vision and make every effort to improve society through professionalism.”
At the meeting, the guests also had a discussion focused on: “How does financial science and technology empower public interest in the new era?” Those from the financial community, the public interest community, the academic community, and the media community all believe that, through the introduction of technological means, the financial technology industry will be a very important role in the social development. And FinUp’s attempt to fulfill its social responsibility not only has practical ideas but also has sustainable development prospects.
Patrick Dong said that in the future, FinUp will continue to strictly abide by the requirements of compliance and will use inclusive financial services as its own responsibility. It will continue to attach importance to the development of financial technology and provide users with safe, convenient, and friendly financial technology services. In addition, FinUp will continue to pay attention to public welfare and contribute to the community development and equity in the distribution of social resources.