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City awards financial institutions for innovation
By Hu Xiaocen |
December 27, 2012, Thursday
|
Online Edition
Online Edition
THE Municipal Government rewarded some Shanghai financial institutions for their contributions to the city's financial innovation. Of the 81 nominees, 46 received the Financial Innovation Award.
Shanghai Equity Exchange, the first over-the-counter equity market in China to make a profit, won a top prize for helping small and medium-sized enterprises (SME) to raise funds through private placement and bank loans.
Currently 48 companies are listed on the equity exchange which was established in February this year, said Zhang Yunfeng, general manager of the bourse.
Shanghai Stock Exchange won a second prize for launching the SME private placement bonds, which helped raising 5.3 billion yuan (US$840 million) for 52 companies this year, said Yuan Weirong, associate director at the stock exchange.
China UnionPay, another second-prize winner, was awarded for its contactless payment product "Quick Pass." The Shanghai-based bank card association issued more than 30 million financial IC cards through commercial banks. These cards are safer and more convenient compared with traditional magnetic stripe cards. More than 1 million of point-of-sale terminals are now using the cards at the moment, said Li Chunhuan, a specialist at the company.
The government said the awards are designed to stimulate financial innovation, improve financial services, strengthen competitiveness of financial institutions, and accelerate the creation of the Shanghai International Financial Center.
Shanghai Equity Exchange, the first over-the-counter equity market in China to make a profit, won a top prize for helping small and medium-sized enterprises (SME) to raise funds through private placement and bank loans.
Currently 48 companies are listed on the equity exchange which was established in February this year, said Zhang Yunfeng, general manager of the bourse.
Shanghai Stock Exchange won a second prize for launching the SME private placement bonds, which helped raising 5.3 billion yuan (US$840 million) for 52 companies this year, said Yuan Weirong, associate director at the stock exchange.
China UnionPay, another second-prize winner, was awarded for its contactless payment product "Quick Pass." The Shanghai-based bank card association issued more than 30 million financial IC cards through commercial banks. These cards are safer and more convenient compared with traditional magnetic stripe cards. More than 1 million of point-of-sale terminals are now using the cards at the moment, said Li Chunhuan, a specialist at the company.
The government said the awards are designed to stimulate financial innovation, improve financial services, strengthen competitiveness of financial institutions, and accelerate the creation of the Shanghai International Financial Center.
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