Hunan Province Unveils “Ten Fintech Provisions” to Drive Start-up Growth in Central China

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The central Chinese province of Hunan has become the third administrative region to unveil a raft of new policies for driving fintech growth within its jurisdiction.

The Hunan province government issued the “Hunan Xiangjiang New Area Administrative Committee Implementation Opinions on Supporting Fintech Growth (Trial)” (湖南湘江新区管委会关于支持金融科技发展的实施意见(试行)on 24 May, at a fintech event held in the provincial capital of Changsha.

The move makes Changsha the third municipality in China after Beijing and Shenzhen to unveil specialised policy measures that target the fintech sector.

“The [measures] emphasise and highlight the rearing of start-up enterprises,” said Liu Zhongjie (刘中杰), vice-chair of the Hunan Xiangjiang New Area Administrative Commission.

According to Liu unlike similar policies unveiled by Beijing and Shenzhen which focus on successful and established enterprises, the latest round of regulations for the New Area do not set minimum thresholds, while placing special emphasis on full lifecycle support and targeted support for companies.

The policies encompass support and incentives for fintech entities and professionals to settle in Hunan province as well as obtain financing and pursue R&D work, covering the entire process of enterprise development including company registration, subsequent growth and industry ecosystems.

Measures include the Hunan Financial Center (湖南金融中心) investing in the establishment of specialised fintech incubators, accelerators and maker spaces, and providing one-time installation subsidies of up to 3 million yuan to qualifying entities.

Fintech enterprises will receive a full subsidy for the first year that they lease office space in the Hunan Financial Center, followed by a subsidy of 50% in the second year and 20% in the third year.

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