Shanghai is creating a new fintech park in the Beiwai Tan area as part of efforts to develop an industry ecosystem within the city’s Hongkou district.
The sign for the Shanghai Fintech Park (上海金融科技园区) was officially unveiled at a ceremony held on 23 March.
According to state-owned media the completed park will be housed in a renovated Baroque-style warehouse that was constructed over 90 years ago, and following completion will have a floorspace of 37,360 square metres that can accommodate anywhere between 100 and 200 fintech enterprises.
“The park will strive to incubate high-end fintech industry chains for research and development, exhibition, results conversion and capital operations,” said an official from Shanghai’s Hongkou district.
“We will endeavour to create a fintech ecosystem within the next two to three years that organically combines tech and financial enterprises, and enables advanced tech industries and high-efficiency financial capital flows to mutual complement and complete each other.”
The Hongkou district is driving the creation of a “financial harbour” in Beiwai Tan, which already hosts 1520 financial enterprises and institutions managing assets worth over 5 trillion yuan.
At least 15 publicly offered funds have set up shop in Beiwai Tan, accounting for roughly a ninth of China’s national total, while the area is also host to the Chinese Securities Museum (中国证券博物馆) at the former site for the original Shanghai Stock Exchange.