One of China’s leading online tech giants will cooperate with the Shenzhen Stock Exchange on research into new fintech applications.
Tencent and the Shenzhen Stock Exchange executed a fintech strategic cooperative agreement on 22 May at the 2019 Tencent Global Digital Ecosystem Conference (2019腾讯全球数字生态大会) convened in the Yunnan province capital of Kunming.
According to the agreement the two parties will establish a joint fintech laboratory to engage in cooperation in the field of fintech, as well as employ their respective resource advantages with regard to information technology to drive the research, innovation and adoption of projects in the fintech sphere.
The agreement also seeks to “raise the research, innovation and results application capabilities of both parties, and expedite the development and progress of fintech in the securities and futures sector.”
Yu Huali (喻华丽), chief engineer at the Shenzhen Stock Exchange, said that the exchange placed a strong priority on the innovative development and application of fintech in the area of capital markets, and over recent years had expanded investment in cutting-edge technological R&D and development, as well as driven digital upgrade and transformation.
In December 2017 the exchange launched the Securities and Futures Fintech Research and Development Center (Shenzhen) (证券期货业金融科技研究发展中心（深圳）), to actively organise and promote technical innovation, research and application.
The Shenzhen Stock Exchange hopes to use the strengthening of cooperation with tech enterprises such as Tencent to integrate the technical resources of multiple parties, strengthen fintech innovation based on industry guidance, and pragmatically resolve problems that arise in terms of practical work.
Tang Daosheng (汤道生), senior executive vice president at Tencent, said that the financial sector and the tech sector will become even more tightly integrated, and that financial institutions are seeing broader and deeper demand when it comes to digital transformation.
“Tencent hopes to continue to exploit its technical advantages in areas including cloud computing, artificial intelligence and big data to address the applications demand of the Shenzhen Stock Exchange, and jointly provide new impetus to digital transformation.