Firms sign up for business park
Print Edition
Twenty-two financial institutions have signed on to open their business in Shanghai Financial Valley since its opening in April in Jiading District. More than 100 financial service outsourcing companies intend to be based inside the park.
The business complex pioneered the cross-boarder renminbi payment platform which operates 24-hours a day and seven days a week. Payments can be received in real time, thus clearing cross-time zone payments in renminbi.
Prior payments in renminbi had to be remitted from Chinese mainland to Hong Kong, then to London or USA. The process was time-consuming and costly.
“Continuous innovation integrates industrial capital, scientific capital and financial capital, thus pushing forward scientific research fruits into real products,” said Huang Xueping, chairman of Shanghai Financial Valley.
All future settlements can be made digitally, with cashiers only needing to fill in the bill of exchange online and scan it. The service is now available for business-to-business transactions in south China’s Shenzhen.
“It’s likely to be available in Shanghai soon to make it more convenient for more enterprises,” Huang said.
The financial valley operator plans to relocate the United Finance Innovation College from Shenzhen to Jiading, making more financial innovation services available.
Last year China’s financial outsourcing industry grew by 30 percent compared to 2013. It is predicted that in the next decade the outsourcing volume will be 30-40 percent compared to the current 10 percent.
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