Hangzhou’s Fintech Sandbox Trials Officially Commence
The Zhejiang-province capital of Hangzhou has announced the official launch of its fintech sandbox trials.
On 23 June the Hangzhou branch of the Chinese central bank publicly announced that it was seeking innovation application projects for the city’s Fintech Innovation Regulatory Trial (金融科技创新监管试点), marking its official commencement.
The Announcement said that it would welcome the participation of both financial institutions as well as tech companies without financial licenses.
The Chinese central bank also released the “Fintech Innovation Application Declaration” for applying institutions, which highlights key technologies including big data, distributed ledgers and blockchain technology.
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.
Beijing was the first city in China to launch a fintech sandbox trial, which kicked off in January 2020 and subsequently saw the approval of an initial round of six pilot projects.
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.