Changjiang Pension Insurance Co (Changjiang) is the winner of Asia Asset Management’s 2021 Best of the Best awards for Best Enterprise Annuity Scheme, Best Occupational Annuity Manager and Fintech Innovation in Pensions, China.
Geoff Su, Chairman of Changjiang’s Board of Directors, talks to AAM about how the company has been sticking to fiduciary duty and harnessing fintech to embrace the new era of China’s pension reform in recent years.
AAM: What has been the momentum of Changjiang’s sustainable development in recent years?
Geoff Su: Changjiang sticks to fiduciary duty in pension management since day one. In recent years, with the strategy guidance of our parent company, China Pacific Insurance Group Co (CPIC), Changjiang has seized the opportunity of building up a multi-tier pension system in China and has achieved high-quality development as follows:
AAM: How is Changjiang strengthening its technology application for its pension services?
Geoff Su: CPIC closely follows the fintech trends through the establishment of fintech subsidiaries, the introduction of leading technology talents, the strategic cooperation with top IT companies and universities, and the exploration of frontier technology application such as artificial intelligence, blockchain, cloud computing, big data, etc..
As a key member of CPIC to focus on pension management, Changjiang has launched a series of measures for the digital transformation in 2020:
AAM: What are the latest developments in mainland China's three-pillar pension system?
Geoff Su: China’s “14th Five-Year Plan” mentions that the government shall implement a national strategy coping with an ageing population and develop a multi-tier and multi-pillar pension system. The standardised development of the 3rd pillar, which is likely to be the largest growth engine in future pension market, has been focused by regulatory authorities and expected by all walks of life.
Thus far, the 3rd pillar is taking shape of individually-funded accounts, tax-exempt policy and market-oriented investment fund operation. Various financial institutions are striving to standardise pension products and vigorously develop professional pension products in accordance with retirement needs. It is expected that a series of policies will be issued in the future, and the private pension market will also usher in broad prospects.