Scholars and experts, along with heavyweights in the Internet finance sector, gather to discuss topics such as development trends in the finance industry and lowering risk. [Photo/Xinhua]

The Second Shenyang Sanhaojie Internet Finance Festival commenced in Shenyang, Liaoning province on Oct 31, where scholars and experts, along with heavyweights in the Internet finance sector gathered to discuss topics such as development trends and lowering risk.

Internet finance refers to deposits, loans, investments and other financial services provided through online channels rather than through traditional financial institutions such as banks.

With the event themed around future development trends in the industry, it is hoped the festival will encourage Internet financial innovation, and provide an all-round service platform for business development and industry integration.

The event included five main speeches by industry leaders and professionals, covering topics such as Internet financial practices in Shanghai Municipality, Internet finance industry development trends, supervision and regulation of Internet finance, as well as proposals for tackling financial risk.

Huang Jieting, vice president of China Ruichi Ibank Holding Group, delivers a speech at the Second Shenyang Sanhaojie Internet Finance Festival, on Oct 31. [Photo/Xinhua]

On the afternoon of Oct 31, parallel forums on big data, the development of medium-and-small sized businesses in the Internet finance sector were also held to further explore future integration of the Internet finance industry and other sectors.

As the host site of the event, Heping District of Shenyang city is the cradle of the finance industry in Northeast China, with 70 financial institutes having headquarters there. And it also has a total of 512 investment and trust institutions, accounting for more than half of this kind of business in Shenyang.

To support the development of a local finance industry, the district enacted 15 preferential policies last year; it also established the first industrial finance museum in China.

The government of Heping District, sponsor of the event, said that it will make great efforts to create a better business environment for Internet finance, and to further drive local economic growth.

Scholars and experts, along with heavyweights in the Internet finance sector, pose for a group photograph during the Second Shenyang Sanhaojie Internet Finance Festival, which commenced in Shenyang, Liaoning province on Oct 31.[Photo/Xinhua]