Shanghai has achieved remarkable results in these areas, building a globally competitive fintech center

Release time:Apr 16, 2024 13:11 PM

With the accelerated innovation of digital technologies such as big data, cloud computing, artificial intelligence, and blockchain, the financial industry has become one of the most widely and deeply applied industries in digital technology. In recent years, Shanghai has actively grasped the development trend of digitalization, networking, and intelligence in the financial industry, and actively promoted the practice of financial technology innovation.

In January 2020, Shanghai issued the "Implementation Plan for Accelerating the Construction of Shanghai Financial Technology Center", which clarified the overall goal and key tasks of building Shanghai into a globally competitive financial technology center. At the end of 2020, the Shanghai Municipal Party Committee and Government proposed a strategic deployment to comprehensively promote urban digital transformation, providing more macro strategic guidance and a more favorable economic and social environment for accelerating the application of financial technology in the financial sector and deepening digital transformation and upgrading. In August 2021, the "14th Five Year Plan" for the construction of Shanghai International Financial Center was officially released, proposing the construction goals of "two centers" including a financial technology center.

With the joint efforts of all parties, Shanghai's financial technology innovation has been deeply promoted, the industrial ecology has been continuously improved, major pilot projects have been carried out in an orderly manner, and the business environment has been increasingly optimized. Shanghai has achieved positive results in building a globally competitive financial technology center.

Deepening technological research and development

Financial technology is technology driven financial innovation, and the key to promoting financial development and improving efficiency lies in technology. Shanghai has focused on cultivating and developing a group of high-quality technology enterprises in the forefront of financial technology, supporting research institutions and leading enterprises in financial technology to promote technological innovation and product research and development.

In terms of scientific research capabilities, Shanghai vigorously promotes the establishment of fintech research and development centers, innovation laboratories, and other financial institutions, technology enterprises, and universities in Shanghai. Fudan University, Shanghai Jiao Tong University, Shanghai University of Finance and Economics, and Shanghai Lixin School of Finance have all established research institutes related to financial technology. Bank of Communications has established a research institute for financial technology innovation, and China Trust Registration Corporation has partnered with domestic and foreign institutions to establish a joint laboratory for financial technology innovation in the trust industry in Shanghai.

In terms of integration and innovation, the Shanghai Financial Technology Industry Alliance has promoted the completion and implementation of the "Shanghai International Financial Technology Innovation Center", which has attracted the science and technology innovation departments of leading financial institutions such as Bank of Communications, Pacific Insurance, Changjiang Pension Insurance, Bank of Shanghai, Shanghai Rural Commercial Bank, Guotai Jun'an Securities, Orient Securities, and relevant laboratories of national functional support platforms such as the China Information and Communication Institute and the National Internet Emergency Center to settle down. 15 technology enterprises such as Huakong Clearing, Zero Technology, and Huayuan Computing have also settled in the "Innovation Supervision Joint Laboratory" set up in the innovation center, further connecting financial and technology resources, and providing a collaborative innovation platform for financial technology applications, developers, and participants.

Continuous improvement of industrial ecology

Financial institutions, fintech enterprises, and technology innovation enterprises are the main participants and drivers of the development of the fintech industry. In recent years, Shanghai has gathered a group of high-quality fintech enterprises and leading enterprises in related cutting-edge technology fields through a favorable business environment and financial resource advantages, and has become one of the most important gathering places for fintech leading enterprises in China.

In the field of financial infrastructure, technology subsidiaries of important financial infrastructure and factor markets such as the Foreign Exchange Trading Center, China Bond Depository and Clearing Corporation, Shanghai Stock Exchange, Shanghai Futures Exchange, China International Capital Corporation, and the People's Bank of China Institute of Statistics have settled in Shanghai. In the banking sector, China Construction Bank Jinke, Bank of China Jinke, Bank of Communications Jinke, Industrial and Commercial Bank of China Jinke, Puyin Jinke, HSBC Jinke, and others account for approximately half of the fintech subsidiaries established by large state-owned banks and national joint-stock commercial banks. In the insurance industry, major domestic insurance groups such as PICC, Taiping Insurance, Taiping Insurance, Ping An Insurance, and China Life Insurance have all established fintech subsidiaries in Shanghai. In the securities industry, a group of high-quality financial information service providers have gathered, including Oriental Wealth, Great Wisdom, and Wande. In the field of payment, both Alipay and UnionPay have settled in Shanghai, accounting for about 50% of the national market share. In the field of financial technology unicorn enterprises, Wanda Information, UnionPay Business, Air Cloud, Xtransfer, and others have been shortlisted for the global financial technology unicorn enterprise list and are gathering and growing. In the field of technology enterprises, Shanghai Data Group Financial Technology Co., Ltd., a subsidiary of Shanghai Data Group Financial Technology, has been supported to settle in Shanghai, and has gathered a series of leading technology companies in sub fields such as Zhongdian Jinxin, Ant Chain, Wanxiang Blockchain, Zero Technology, Ukede, Cloud Axis Technology, Bingjian Technology, Shuku Technology, Shangtang Technology, and Yitu Technology.

Innovative scenarios accelerate application

Under the guidance and support of the national financial management department, Shanghai has orderly implemented major pilot projects in the field of financial technology, promoting Shanghai's level of financial technology research and application to be at the forefront of the country.

As of the end of June 2023, the number of landing application scenarios for digital RMB pilot projects has exceeded 1.36 million, ranking among the top in the country. Multiple innovative and distinctive scenarios have been implemented, including the cross-border scenario of the first multilateral central bank digital currency bridge in China, the first cross regional payment scenario in China, and the first employment subsidy distribution scenario in China. We have launched digital RMB promotion activities such as the "Love to Buy Shanghai" digital RMB full reduction red envelope promotion and the "Follow Application Code" digital RMB red envelope promotion by taking public transportation, which have achieved good results.

In terms of pilot projects for financial technology innovation in the capital market, the first batch of 26 pilot projects was officially launched in December 2022, ranking first in the country. In terms of financial technology innovation regulatory tools of the People's Bank of China, this city officially launched a pilot project in May 2020, and has officially announced four batches of 19 projects to the public. The number of projects is in a leading position among pilot cities nationwide.

Relying on major pilot projects related to financial technology, Shanghai has deeply integrated with the requirements of urban digital transformation work, comprehensively promoted the strengthening of financial technology applications in the Shanghai financial factor market, financial institutions, and financial technology enterprises, and created a number of industry-specific and benchmark digital transformation application scenarios. Industry leading functional applications such as the Shanghai Stock Exchange's "SSE Chain", the Insurance Exchange's "Insurance Chain", and the Futures Exchange's "Intelligent Risk Control Platform", as well as the Bank of Communications's Hucang Integrated Big Data Platform, Taibao Group's Artificial Intelligence Platform, and Fuguo Fund's Hybrid Cloud Platform.

The development environment is increasingly optimized

With the joint efforts of multiple parties, Shanghai is creating a favorable ecosystem for the development of the fintech industry in all aspects.

In terms of supporting the development of financial technology industry organizations, we will build financial technology industry organizations into important platforms connecting finance and technology, support the Shanghai Financial Technology Industry Alliance Financial Technology Innovation Center and other carriers to continuously aggregate technology and financial resources, and the Intelligent Investment and Research Technology Alliance will focus on asset management technology to deepen the application of cutting-edge technologies, assisting the coordinated development of financial technology centers and asset management centers. Successfully held forum activities such as the "Bund Conference", "Shanghai Financial Technology International Forum", and "1024 International Asset Management Technology Developer Conference", regularly released the "Shanghai Financial Technology White Paper", and continuously enhanced the international influence and attractiveness of the Shanghai Financial Technology Center.

Accelerate the construction of a highland for financial technology talents, increase policy support, and include financial technology talents in the selection scope of the "three types of financial talents"; Establish a category of "fintech" in the financial innovation award form of this city, and introduce financial support policies to support fintech institutions and talents; We support Shanghai Jiao Tong University in launching the "Chartered Global Financial Technology Practitioner" talent certification program in China. Currently, we have cooperated with more than 20 financial institutions to provide course training for more than 40000 students, and more than 3000 students have participated in the exam certification; Initiate the construction of Shanghai Financial Technology Talent Cultivation and Training Base, connect with universities and enterprise resources in Shanghai, and improve the financial technology talent training system.

In terms of continuously enriching financial technology data resources, we will promote the opening of public data resources to the financial industry in accordance with the law and in an orderly manner, launch big data inclusive financial applications, rely on the data support of the Shanghai "One Network Service" platform, and support financial institutions to innovate and expand inclusive financial services. Support the establishment of the Shanghai Data Exchange to create favorable conditions for accelerating the cultivation of a data element market, promoting data circulation and trading, and further exploring the release of data element value.

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