Nine Companies Set up Shop in Beijing’s Fintech Innovation Demonstration Zone

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A total of nine enterprises have set up their offices in the new Beijing Fintech Innovation and Professional Services Demonstration Zone (北京金融科技与专业服务创新示范区).

A signing ceremony for the incoming enterprises was held at the Beijing Exhibition Centre on the afternoon of 29 May, on the sidelines of the 2019 China International Fair for Trade in Services (CIFTIS).

Sun Shuo (孙硕), head of Xicheng district and party secretary for the Beijing Financial Street services department, said that the Beijing municipal government made the decision to create the Beijing Fintech and Professional Services Innovation Demonstration Zone in the space between Financial Street and Zhongguancun’s area in May of last year.

In January the State Council issued the “Approval of the Integrated Trial Work Plan for Comprehensively Driving Expansion and Opening of the Beijing Services Sector” (关于全面推进北京服务业扩大开放综合试点工作方案的批复), proposing the establishment of a “state-level fintech demonstration zone” (国家级金融科技示范区) in Xicheng district.

Sun said that Xicheng district is providing registered capital subsidies as part of the creation of the fintech demonstration zone, as well as office lease subsidies of 50% for three consecutive years to qualifying enterprises.

The local government is also accelerating plans to create a Beijing Fintech Industry Guidance Fund and Beijing Fintech Research Institute.

At present 33 fintech entities have set up shop within Xicheng district itself, with registered capital approaching 70 billion yuan.

Three investment funds have jointly launched a fintech sector investment fund in Xicheng district, with an official from the Zhongguancun Xichengyuan Committee indicating that the total investment target for the fund is 5 billion yuan,

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