Pudong lays out plans for fintech

Pudong plans to optimize its plans for the development of financial technology by making Lujiazui Financial City the front end and Zhangjiang Science City the back end and core engine, according to the latest roadmap unveiled yesterday.

Huamu, Shibo and Jinqiao areas between Lujiazui and Zhangjiang will play a support role in line within the plan released during the Shanghai Summit Forum of China Fintech Conference.

In the next five years, a total of 1 million square meters of land between Lujiazui and Zhangjiang will be used to develop fintech enterprises.

The new area will introduce several leading enterprises to build a fintech ecosystem and foster a number of innovative, diverse and benchmark fintech projects, and promote the formation of standards for technological and business innovation in the fields of finance and technology.

On one hand, Pudong will attract financial institutions, large-scale scientific and technological enterprises to establish their subsidiaries in the new area.

On the other, it will promote the construction and agglomeration of various financial and technology laboratories, incubators and accelerators.

Pudong will also set up a demonstration platform for finance and technology in Lujiazui Financial City.

And it will regularly hold a global fintech entrepreneurship competition, and pick up the best fintech projects.

In terms of risk control, Pudong will promote the establishment of a special committee of fintech under the Shanghai Financial Association to pilot the new management of joint governance in the financial and technology sector.

Pudong has a unique advantage in developing financial technology.

Not only does it have 300,000 financial practitioners and about 500,000 information technology experts, it also has vast reserves of financial and technological talent.

It is also home to the Shanghai Stock Exchange, the Shanghai Futures Exchange, the China Financial Futures Exchange and other markets, fintech companies established by licensed financial institutions from at home and abroad, and is the headquarters of China UnionPay and Alipay and their subsidiaries.