IT driving force of financial reform: Wan

Information technology has been a driving force of financial reform and the Chinese financial sector has already entered a digital period, said Wan Jianhua, chairman of Guotai Junan Securities Co Ltd, at a book launch in Beijing.

The book Finance Enters a Digital Age is being launched in China this month.

"There are two models for the development of the financial sector. One is to set up standard and large-scale businesses with low costs, where e-commerce and Internet companies can have advantages," said Wan.

According to Wan, the other is to offer customized and personalized butler services to high net-worth clients, and commercial banks, securities firms and trust companies have accumulated a lot of experience in this area.

Guotai Junan Securities Co Ltd is establishing an Internet finance department to replace its retail customer department and serve 80 percent of its clients. Its wealth management department will remain for high net-worth individuals, China Business News reported on Friday.