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November 24, 2020

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Court issues opinions to spur fintech

Twenty-four bilingual opinions were issued by the Shanghai High People’s Court yesterday to support further opening-up of the financial sector.

The court suggested that judicial exchanges and cooperation in international finance should be carried out actively.

In order to study international financial rules and regulations, and construct a cohesive mechanism on international financial rules, local courts are working with the London Financial Court, said Zhu Changyun, a city high court official.

Zhu added that the local high court is also cooperating with the Shanghai Head Office of the People’s Bank of China and Fudan University to establish a specialized institute, which will focus on translating and studying related laws and cases.

The local courts will respect the rights of parties concerned in choosing dispute resolution methods, jurisdictions as well as applicable laws and regulations, said Mao Ronghua, deputy head of the high court.

It will also promote the research and development of high technologies such as big data, blockchain and 5G to ensure fair competition in the fintech market and prevent and resolve cross-border financial risk.

The court issued six “classic” cases related to financial derivatives and enforcement of overseas judgments.




 

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