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October 22, 2019

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5G, fintech hot topics at Internet meet

By Zhu Shenshen | 00:00 UTC+8 October 22, 2019 | Print Edition

5G technologies, industrial Internet and fintech dominated the Sixth World Internet Conference in Wuzhen.

In China, 18 5G models have been tested by the industry regulator, the final step before being approved for sale, Chen Zhaoxiong, the deputy industry and information technology minister, told a forum.

“The consumers’ demand for 5G is much higher than the industry expected,” said Lei Jun, chief executive of Xiaomi Corp, which plans to release more than 10 5G models in 2020.

China’s industrial Internet is developing rapidly.

There are about 50 influential industrial platforms nationwide, connecting 650,000 core industrial devices.

There are 1,950 professional industrial applications, covering about 100 industrial sectors, according to the ministry.

With 5G development, the industrial Internet is going into a “fast track” with high connection speeds and low latency features, said Wu Hequan, an academician from the Chinese Academy of Engineering.

Compared with the 4G era, people can enjoy upgraded services with faster Internet connections and lower latency, which makes banking and other financial services more accessible and customized.

With facial or eye recognition technologies and 5G networks, people can access accounts and setups and finish payment easily, based on other technologies such as artificial intelligence and cloud computing, according to Ye Daqing, CEO of New York-listed Jianpu.

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