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September 25, 2020

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City promises support for tech, finance sector

By Ding Yining | 00:11 UTC+8 September 25, 2020 | Print Edition

CITY’S officials along with industry players and thought leaders pledged further collaboration and more efforts to allow fintech to play a bigger role in more inclusive financial services and to help expedite economic recovery.

Shanghai Vice Mayor Wu Qing said the city will further encourage win-win partnerships for fintech to play an even bigger role in the development of the financial industry and for the city to become a spearhead in new technology applications in the sector.

“We encourage increased connectivity and industry integration between financial companies, tech players and industry partners and we aim for breakthrough research efforts and partnership in data mining, algorithm and cloud computing to provide driving power for innovative financial technology applications,” he told the keynote speech at the INCLUSION Fintech Conference.

“We will continue to take an open stance for technology breakthroughs and create win-win partnership while sharing viewpoints and our input for fintech development,” he added.

The three-day conference hosted by Alibaba’s financial affiliate Ant Group brings together thought leaders to share ideas on digital economy, innovative technology, digital finance in more than 40 online and offline sessions.

In the first eight months, Shanghai’s financial transaction size reached 1,511 trillion yuan (US$222 trillion), up 16.6 percent from a year ago, according to Wu. The city is now home to more than 1,600 financial institutions with one-third of them overseas ones.

Shanghai will foster 20 top financial technology companies with international recognition and influence in the next five years and attract around 20 financial institutions with cutting-edge fintech capabilities, according to the city’s action plan released in January.

The city also plans to strengthen technology research in artificial intelligence, blockchain, cloud computing, big data and 5G.

Ant Group Chairman Eric Jing said the new financial system shall be more inclusive, shall actively target potential customers, and be more individualized. He insists that technology and data should be the backbone of new types of financial services.

The priority of Ant Group after its listing is to invest in technology, Ant Chief Executive Officer Hu Xiaoming noted, emphasizing that technology is in Ant Group’s DNA.

He also invited partners to join its “Alipay Plus” initiative to set up a payment network linking global merchants without having to download a separate digital wallet in a foreign country.

In May, Shanghai set up the Shanghai Fintech Industry Alliance initiated by Shanghai International Group alongside major regulatory bodies, financial institutions and education institutions.

The Shanghai Fintech Industry Innovation Center, which was unveiled by the alliance, seeks to set up demonstration zones for cross-border collaboration and joint fintech labs to bring research results into industry applications.

It welcomes established financial companies and technology startups to apply for trial projects and complement each other.

The first eight trial projects have been released in August including smart investment advisory service, blockchain-based small and micro business financing service and digital financial risk control projects.

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