Shanghai has recently launched 40 measures to promote the development of financial technology in line with its aim to become an international financial and technology innovation center.
The measures were formulated to target eight major goals to build a financial technology ecosystem with global influence, to deepen the application of fintech, to promote the research and development of emerging technologies, to continuously optimize financial services, to strengthen the cooperation on fintech in the Yangtze River Delta, to reinforce the risk management, to improve the regulatory effectiveness, and to enhance personnel training as well as cooperation and exchanges.
Shanghai is geared to create a financial technology ecosystem. The kind with international influence in order to gather the financial institutions and sci-tech innovation centers. Shanghai will make a move to urge financial institutions to improve and adapt to the trend of intelligent development in customer service, robo-advisor, and AI in financial risk management.
Research institutions will also be requested to be set up alongside technology research institutes. Through this move, Shanghai is looking to attract more capital investments to support their programs in cutting edge financial technologies.
Moreover, banks and other important supply chain enterprises will be prompted to use blockchain. They will also be asked to make service platforms for supply chain finance. This way, they will be able to address SME’s major setbacks in being unable to access loans or having too high interest to pay in loan application.
In order to promote healthy development of multi-level capital market, various entities will be compelled to set up industry funds and invest capital funds in projects related to financial technology.
Furthermore, Shanghai will promote the optimization of the credit market system. In conjunction with this move, it will also support the development of commercial credit reporting companies and credit rating agencies.
Shanghai is indeed serious about intensifying its effort to protect financial information. It will work hand in hand with fintech companies in the Yangtze River Delta. Shanghai will come up and implement technical standards to ensure security controllability.