Pudong to build center for financial technology and innovation

Pudong New Area, a major driving force behind Shanghai's transformation into an international financial center, is striving to develop itself into a global hub for financial technology and innovation, local media reported on Aug 27.

Zhang Hong, director of Pudong's financial service bureau, said the area, especially Lujiazui Financial City and Zhangjiang Hi-Tech Park, has gathered a number of financial technology service providers and unicorn enterprises (a startup company valued at $1 billion or more).

"The layout of financial technology enterprises has gradually evolved," said Zhang, noting that Pudong has a sound financial ecosystem and market system conducive to the development of financial technology industries.

As of the end of July, Pudong had 1,064 licensed financial institutions providing a wide range of services to local financial technology enterprises.

Pudong will strengthen exchange and cooperation with relevant industry organizations and government departments in Singapore and London and push ahead with the integration of financial technology with other advanced technologies, according to Zhang.

The district will also support the research and application of regulation technologies and encourage financial institutions to prevent financial risks by making use of artificial intelligence, cloud computing and other advanced technologies.

Supporting policies, including financial subsidies, will also be issued to attract talents.