Shanghai Seeks to Establish Fintech Hub and Regulatory Sandbox in Pudong District
The Shanghai district of Pudong is currently in the process of creating a fintech hub to drive development of the regional sector.
Wang Hua (王华), vice-head of the Shanghai Pudong New District, said to Yicai that Pudong will become a “highland” for international fintech demand and research and development.
According to Wang Pudong will incubate a batch of “fintech innovation projects” which are “highly innovative and have broad applicability,” as well as drive the creation of a set of tech and operations innovation standards for the fintech sector.
Pudong will also create a “regulatory sandbox” system with the support of the financial authorities, in order to drive the creation of an outstanding commercial environment for fintech innovations.
Wang made the remarks just following the Shanghai municipal government’s release of the “Implementation Plan Concerning the Acceleration of the Establishment of Shanghai as a Fintech Center” (关于加快推进上海金融科技中心建设的实施方案) on 9 December.
Pudong is currently host to around 300,000 financial sector professionals as well as over half a million IT professionals, making it a promising location for the establishment of a fintech hub.