Hangzhou plans new Finance City

In an effort to build Hangzhou into an international financial hub, the local government said it will build a Finance City in Jianggan District and plans to develop it into a globally influential center within five years.

The new city aims to lure at least 10 big financial technology companies to set up their headquarters, incubate about 100 grassroots companies to develop financial technology, attract more than 500 professionals and build three to five top-flight research institutes.

Hangzhou boasts around 500 financial organizations and companies, including Ant Financial Services Group, which runs widespread third-party online payment platform Alipay, Straight Flush, a popular stock trade application, and Hundsun, a financial services supplier.