Belt and Road digital alliance founded in Shanghai

An industry alliance for the development of information technology in the Belt and Road region was founded in Shanghai on Tuesday.

Over 30 firms attended the Belt and Road ICT (information, communications and technology) Industry Development Alliance, covering finance, IT, trade and communications sectors. With time, the alliance is expected to create a "digital Silk Road.”

“With unique advantages in location, industrial development and top-level events like the CIIE, Shanghai will seek opportunities in Belt and Road development,” said Wu Qing, vice mayor of Shanghai.

As a representative of the alliance, technology firm Huifu shared its vision on digital evolution and global opportunity in the payment industry.

“Cross-border payments, especially in the Belt and Road region, has big potential for retail and supply chains, B2B (business to business) trade and booming sectors like blockchain,” said Jerry Zhou, chairman of Huifu.

In the first half, HK-listed Huifu’s cross-border payment transaction volume hit 20.8 billion yuan (US$2.97 billion), 210 percent growth year on year.

The alliance is authorized by Shanghai's industry regulator. Domestic officials from provinces inlcuding Shaanxi, Sichuan and Gansu as well as consulate and business officials from countries and regions such as Russia, Japan, and the Czech Republic attended the launch ceremony.