At the conference co-organised by the Sim Kee Boon Institute for Financial Economics (SKBI) at SMU and China Europe International Business School, SMU President Professor Arnoud De Meyer said that the digital economy in China has grown tremendously over the years. Companies like Alibaba started from non-finance related industries such as e-commerce, to encompass many aspects of digital finance including mobile payments, peer-to-peer lending, crowdfunding, investments and fund management. Alibaba grew their small and medium enterprise loans to USD 16 billion in three years. It also raised USD 87 billion to be the largest fund manager in China, capturing 20 per cent of all new renminbi deposits only nine months after its launch. Mr Tian Tao, advisor of Huawei Group, Mr Loh Long Hsiang, Head of CEO Office at Standard Chartered Bank China, and Professor David Lee, Executive/Academic Director of SKBI, also spoke at the conference.
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