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August 23, 2019

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Measures to boost fintech growth

China Banking and Insurance Regulatory Commission’s Shanghai bureau unveiled a set of new measures yesterday to boost the city’s financial technological development and its efforts toward becoming an international innovation center.

The newly announced measures aim to lend support to Shanghai’s major projects, including the construction of the new Lingang area of the China (Shanghai) Pilot Free Trade Zone, the STAR Market board, the Yangtze River Delta regional integration program as well as the brand building of “Made in Shanghai,” the regulatory body said.

According to the plan, the country will construct the framework of fintech development, boost the applications of fintech and realize the deep integration and coordinated development of technology and finance by 2021.

To improve the mechanism for fintech innovations, the financial institutions will give priority to developing the sector.

The plan stresses enhancing the strategic deployment of fintech, advancing proper applications of technology and making it a “new engine” for financial development.

Meanwhile, through the proper applications of fintech, China will see diversified financial service channels and products, lower service cost and optimized financial services that will ensure healthy and sustainable development of the real economy.

Banks are being encouraged to embed the task of supporting the city’s efforts of building itself into an international scientific innovation center in their development strategies.

Insurance companies are encouraged to strengthen the construction of specialized branches which boast strong insurance technology capabilities.

Lenders and underwriters are supposed to develop financial products that can meet the needs of technology trade enterprises and offer investment and financing services for firms across the whole industrial chain and innovation chain.

The plan also highlights risk-prevention in the application of fintech, calling for control of cyber risks and protection of financial information.


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