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November 30, 2020

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North Bund unveils fintech plans

THE North Bund waterfront in Hongkou District aims to further attract foreign asset management and public fund management companies to create a “fintech ecological circle,” the district government said yesterday.

Nearly 1,800 financial companies from both home and abroad are based in the North Bund region, which manages over 6 trillion yuan (US$912.6 billion) of assets, Wu Xinbao, the Party secretary of Hongkou told the 10th North Bund Fortune and Culture Forum.

The new-look North Bund, listed as a “new engine” of growth for Shanghai, will develop a financial service system along the Huangpu River, featuring asset management, private wealth management, equity investment, venture capital, hedge funds, securities trading and fintech firms.

More than 200 top grade office buildings are being built on the 4-square-kilometer riverside region. Its development density will be on par with the London financial hub, which contributes nearly a third of London’s GPD, Wu said.

About 150 officials and experts attended the forum on the North Bund, which has been held for 10 years to offer suggestions and guidance for the development of the region.

Shanghai Vice Mayor Wu Qing said the forum has become “a popular platform for the integration and innovative development of the financial and cultural industries.”

This year’s forum focused on the theme of “New era, landmark and miracle,” and invited experts to share opinions on the city’s construction of a global asset management center, fintech center as well as new integration of capital and cultural industries, especially during the COVID-19 pandemic.

An expert panel was established, including experts and scholars in the financial and cultural sectors. They will offer consultancy services for decision making on North Bund development.

The Shanghai Fintech Park and Shanghai Fintech Alliance have been launched in Hongkou in recent years, while companies such as  American Express and Wanxiang Blockchain are based in the district.

The North Bund is the birthplace of the Shanghai Stock Exchange which came into existence in 1990, Wu Qing said. The place is expected to become a gathering site for fortune management companies and a highland for the fintech industry, he added.

The riverside region should meet the same high standard set at the Lingang Special Area of the Shanghai Pilot Free Trade Zone and the Pudong New Area.

About 8.4 million square meters of new construction space have been planned for the waterfront, equivalent to the total amount of urban space in Lujiazui and on both sides of Century Avenue in Pudong.

These include dozens of office buildings to house about 100 headquarters of multinational firms, international bodies and functional institutes, according to the Hongkou government.


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