World Bank and Chinese Internet Finance Body Launch Global Fintech Hub in Hangzhou


The National Internet Finance Association of China (NIFA) has teamed up with the World Bank to create a new fintech institute in the southern Chinese tech hub of Hangzhou.

NIFA and the World Bank officially launched the Global Center for Digital Finance (GCDF) on 29 October in Hangzhou with the approval of the Chinese central bank.

According to state-owned media the GCDF will serve as an open, pluralised platform for the sharing of knowledge and capability between nations around the world in the sphere of digital finance.

Fan Qimiao (樊启淼), an official with the World Bank, said that the GCDF will use its international position to drive larger and more systematic study and information exchanges between China and developed economies.

According to Fan this will strongly expedite cooperation in the area of regtech, enabling regulators from different countries to better understand the impact of the “fintech revolution,” as well as expedite regulatory innovation.

Li Dongrong (李东荣), head of NIFA, said that the launch of the new center will provide a positive force for the development of an accommodating, responsible and sustainable global digital finance system.