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August 24, 2009

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Tie-up on financial platform for data

THREE Shanghai-based banks on Saturday teamed up with Xinhua news agency to lay the foundation for a financial information platform as the city strengthens its financial power to meet its goal as a global financial hub by 2020.

Shanghai Pudong Development Bank, the Bank of Shanghai and Shanghai Rural Commercial Bank signed a strategic partnership agreement with the news agency for the creation of the financial information platform.

Such a platform, similar to what global financial news agencies offer, provides vital and on-the-spot financial news and all types of trading data that banks, insurance firms, financial institutions and other multinational companies need in their daily operations.

The State Council, China's Cabinet, in March launched a guideline to build Shanghai into a global financial and shipping center by 2020.

The setting-up of China's financial information services platform and market in Shanghai is one of the steps in the blueprint.

The Shanghai government then passed implementation guidelines this month to back the platform's development of as one of the eight measures necessary to boost the city's goal to be a financial hub.


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