Warehouse makeover a walk in the fintech park
Print Edition
A NEARLY century-old warehouse in the North Bund will be developed into the city’s fintech park for companies in the financial technology sector.
The Yung Shine Warehouse in Hongkou District, once the largest storage site in the Far East dated back to the 1930s, will be converted into the Shanghai Fintech Park.
The project was unveiled at the Ninth North Bund Wealth and Culture Forum on Saturday.
The mammoth structure, in the Baroque style and located at 61 Yangshupu Road, will undergo a major renovation to become an office space covering 37,360 square meters.
It will house about 200 fintech companies and institutions, the district government announced during the forum.
Financial technology, often shortened to fintech, is an emerging industry that uses technology to improve activities in finance. The use of smartphones for mobile banking, investment services and cryptocurrency are examples.
The fintech park aims to create an “ecosphere” integrating both advanced technologies and efficient financial capital flows within three years, said Zhao Yongfeng, director of Hongkou District.
Hongkou has lured one-ninth of China’s mutual funds by tapping its regional advantages as well as offering favorable policies. As of the end of 2018, the district is home to 1,520 financial institutions, which manage over 5 trillion yuan (US$744.5 billion) of assets, Zhao told the forum.
A financial “golden triangle” has formed between the North Bund financial zone, Lujiazui in the Pudong New Area and the Bund.
Workers were dismantling ATM machines in a bank on its ground floor over the weekend. According to an artistic rendition of the future fintech park, the bank will become an “artificial intelligence bank.”
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