Yu Jun, president of Stars Group, addresses the 2016 Lujiazui Financial Development Summit that took place at the Shanghai Tower in Lujiazui, the city's financial hub, on Dec 12. [Photo/Xinhua]

Shen said that the asset management sector takes on more responsibilities, and it must also abide by new laws and obligations, as it controls greater wealth. "In the new era, continuous innovation in supervision policies, market entities, management approaches, operation mechanisms, technology, and cultural concepts are required," Shen said. "This is also the case as new technologies such as internet, big data, cloud computing, artificial intelligence and blockchain are being used in the financial industry."

Meng Tian, deputy secretary general of the Association of Shanghai Internet Financial Industry, said that technologies such as artificial intelligence, biological recognition and blockchain are becoming ever more useful in preventing financial risks, improving the work efficiency of financial companies, and solving issues in crowdfunding, and equity financing.