At today's sub-forum on finance reforms, speakers agreed that financial institutions must embrace the latest technology to meet new demands. In particular, vice chairman of Unionpay Shi Wenchao explained his company will become partner, rather than competitor, to two mobile payment service providers -- Alibaba's Alipay and Tecent's Wechat pay.

SHI WENCHAO VICE CHAIRMAN, UNIONPAY "Technology-based payment companies have their own business licenses, such as online payment licenses, cross-border payment licenses and so on. But they don't hold the licenses that we do, which are the licenses for card transfer clearing service. Therefore, there is no direct competition between us and those payment companies. In the process of implementing the requirement of the central bank and other regulators in the payment market, UnionPay is closely working with banks and third-party payment companies in various areas -- from networks and technology, to product interface and rules."