Hangzhou Set to Follow Beijing, Shanghai in Launch of Fintech Sandbox Trial
Hangzhou has become the latest Chinese city to put plans in motion for the launch of its own fintech sandbox trial.
On 19 May the Hangzhou municipal government convened a “policy interpretation meeting” for its fintech regulatory sandbox trial.
Hangzhou officials used the meeting as an opportunity to inform financial institutions and fintech companies of the application procedures for participating in the trials.
The Hangzhou Fintech Regulatory Sandbox plan was drafted by four authorities, including the Hangzhou branch of the Chinese central bank, the Zhejiang province banking and insurance regulator, the Zhejiang province financial office and the Hangzhou municipal financial office.
The move by Hangzhou follows the launch of fintech sandbox trials in Beijing and Shanghai, with at least three other cities set to soon follow.
On 5 December 2019 the Beijing municipal financial regulator announced via its official website that the Chinese capital was “taking the lead in launching fintech innovation regulatory trials, and exploring the establishment of an accommodating and prudential Chinese-edition ‘regulatory sandbox.'”
On 16 May the Beijing financial authority said that Beijing is currently in the process of advancing a second round of trials, after accepting a first batch of six pilot projects that were announced on 14 January.
On May 17 2020 The Shanghai branch of the People’s Bank of China (PBOC) announced the launch of work on its own Shanghai Fintech Innovation Regulatory Trial (上海金融科技创新监管试点).
PBOC announced in April that fintech regulatory trials in the style of the Beijing pilot would be expanded to a total of six more cities, including Shanghai, Chongqing, Shenzhen, Xiong’an New District, Hangzhou and Suzhou.