World’s Biggest Private Software Firm Opens Fintech Lab in Nanjing

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The world’s largest privately held software company has opened a new fintech laboratory in the Jiangbei New Area of Nanjing.

The SAS Fintech Laboratory (SAS金融科技实验室)  was officially opened during the recent 2018 Fintech Roundtable Conference (2018年金融科技圆桌会议) that was held in Nanjing’s Jiangbei New Area.

A report from the Jiangnan Times says that SAS entered a strategic cooperative agreement with the Jiangbei New Area administrative committee on 27 June for the establishment of a “Sino-US national-level” fintech laboratory; a fintech incubator and a fintech talent training base.

The Agreement also envisages the creation of a SAS Fintech Collaborative Innovation Centre (SAS金融科技协同创新中心) and a SAS China Innovation Education Centre (SAS中国创新教育中心) that will help to establish the Jiangbei New Area as a pillar for the fintech sector in Nanjing as well as the greater Yangtze River area.

North Carolina-headquartered SAS is the world’s largest privately held software company, specialising in the development of analytics software which is widely used by private enterprise.

According to a report from Nanjing Morning SAS possesses world-class technology in the areas of big data, artificial intelligence, machine learning, natural voice recognition, the Internet of Things and the blockchain.

On 27 June 2015 the State Council approved the establishment of the Jiangbei New Area, which covers an area of 788 square kilometres and includes a raft of industrial parks including the Nanjing New and High Technology Industry Development Zone, the Nanjing Cross-Strait Technology Industry Park and the Nanjing Chemical Industrial Park.

The Jiangbei New Area government has recently sought to expand its financial sector, with the release of the “Several Opinions on Accelerating the Establishment of a New Yangzi River Financial Hub” (加快建设扬子江新金融集聚区的若干意见).

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