Hosted by CTA, a seminar discussing the application of big data in trust industry was held in Beijng on August 17, 2017. Nearly 70 people including leaders from CBRC Beijing Office, relevant big data service providers, expert member of CTA council, the relevant leaders from China Trust Protection Fund Co.,Ltd and CTA participated. This meeting was presided over by Mr. Qi Jianming, Executive Vice Chairman of CTA.

At the meeting, representatives from trust companies shared their experiences in big data applications, and opinions on the supportive role technology played in trust industry’s transactions. A representative from big data service providers introduced big data’s current developments in other financial industries. An expert member from CTA council shared his view on the protection of data rights from the legal perspective, and discussed the competitive landscape that trust companies might be involved.

Trust companies have been exploring applications of big data technology in many fields such as precise marketing, consultants selection, post-investment  managements, corporate governance, the issuance of data asset trusts, the development of blockchain, etc.  Further efforts will be made to establish big data platforms, improve service experiences for companies’ clients and business counterparts, manage risks of trust projects’whole life circles and support decision-makings of trust companies’leaders, etc. In the meantime, trust companies continue to face technical, legal and market issues. For instance, data systems have not been yet fully interconnected, data standards keep uneven, attention on data is insufficient, etc. Legal risks exist in the process of assessing to, processing and using data. In addition, strong competitive pressure from large internet companies and traditional financial institutions needs to be taken into considerations.

Participants suggested that on the one hand, trust companies should form the awareness of data assets, strengthen internal cooperation, pay attention to professional talents, and deepen the awareness of data protection from legal perspective. On the other hand, it is necessary for relevant supervisory departments to improve the system construction, strengthen research efforts, increase opportunities for exchanges, build a pool of experts in big data applications and establish a data platform for the whole industry.‍