In September 2019, the People’s Bank of China released the FinTech Development Plan (2019-2021), pushing China’s financial informatization development into the "FinTech" phase. It regards FinTech as a new engine for promoting financial transformation and upgrading, a new channel for financial services to serve the real economy, a new opportunity for advancing inclusive finance, and a new tool for preventing and resolving financial risks.

|  Brilliance Technology Focuses on Customer Needs

Brilliance Technology is a high-tech enterprise with a strong financial DNA. It has witnessed and participated in the upgrading process of China’s financial informatization—from financial electronization to internet finance, and now to FinTech. With financial IT solutions such as trade finance, international settlement, channel integration, and transaction banking as its cornerstone, Brilliance Technology has pursued innovation and continuous growth driven by the demand for innovation in the banking and other financial industries.

In response to the current industry development needs, Brilliance Technology believes that business products are the support for FinTech development. Whether it is cloud computing, big data, or blockchain, they ultimately need to be implemented in business support systems to truly realize their value and enable empowerment. One of Brilliance Technology’s major advantages is that it has always been at the forefront of implementing financial business support systems. It has business products such as trade finance, international settlement, channel integration, transaction banking, and precious metals business systems to support its development in the financial field, accumulating rich experience in the financial industry.

Yang Hanjie, Board Member of Brilliance Technology, stated: "Customers have innovative needs for every business scenario—this can be supply chain + blockchain, trade finance + blockchain, or channel business system + cloud computing + big data. When developing business support systems for customers, Brilliance Technology must apply these technologies. Compared with conventional IT service providers, Brilliance Technology pays more attention to the business needs of financial customers and grows and upgrades while continuously meeting these needs."

|  Taking "Blockchain" as the Core: Emerging Technologies Empower the Pan-Financial Sector

The distributed ledger, immutability, and decentralization of "blockchain" technology make it one of the emerging technologies most suitable for the financial industry. Many enterprises have noticed the blockchain financial market and begun to explore blockchain financial application scenarios—especially the trade finance field, which is regarded as a native scenario for blockchain finance. However, in the business processes of the financial industry, involving multiple transaction entities and complex processes, public chains face challenges such as high trust costs (obtained through algorithms) and difficulty in ensuring efficiency, leading to significant obstacles in the "on-chain" implementation of financial businesses.

Brilliance Technology focuses blockchain technology on "consortium chains" and establishes trusted cooperative partnerships among consortium members through smart contracts. This improves efficiency and effectively reduces system costs for the necessary interactive businesses between different members. In recent years, Brilliance Technology has implemented more than a dozen blockchain projects, cooperating with multiple large banks to launch blockchain-based domestic letter of credit (BCLC) systems. It has successfully implemented the first blockchain domestic letter of credit business and deeply participated in the construction of China’s first blockchain forfaiting transaction (BCFT) industry platform, achieving fruitful results.

Yang Hanjie said: "For the entire industry, new technologies are actually fair and not insurmountable barriers between enterprises. In this case, industry experience is a great advantage for Brilliance. When we quickly understand industry needs and deliver projects, other new technology enterprises may need years of accumulation and higher costs to ‘get started’."

|  Opening Up Capabilities to Explore More New FinTech Scenarios

In addition to exploring more blockchain-based financial applications, Brilliance Technology has long been deeply rooted in high-barrier industries such as finance and public security, which are characterized by "high standards and stringent requirements." Over the years, the company has accumulated extensive experience in serving large enterprise clients and managing large-scale projects.
Building on its success in the public security sector—where its big data visualization analysis and decision-making platform has received widespread acclaim—Brilliance Technology plans to apply this technology to financial industry clients. This will help meet the financial sector's equally complex and massive data analysis demands.

Brilliance Technology will continue to focus on customer needs, organically integrate emerging technologies represented by blockchain, big data, and cloud computing with trade finance businesses. Through FinTech, it will break through business development bottlenecks, establish data-driven new finance, and achieve the overall development goal of "cost reduction and efficiency improvement" across the entire industrial chain. It will also bring tangible benefits and resources to enterprises, better realizing inclusive finance.