The Beijing district of Xicheng has flagged further support for the development of its local fintech sector in 2020.
Sun Shuo (孙硕), district head of Xicheng district, said that this year would see the completion of the upgrade and refurbishment of 100,000 square metres of office space in the jurisdiction’s “Fintech New Area.”
Xicheng district will accelerate the deployment of fintech-related policies and efforts to support the development of fintech enterprises, with a budget of 150 million yuan allocated to the first batch of new fintech enterprises and specialist service institutions.
Sun made the remarks on 13 January at a press conference held as part of Beijing municipality’s 15th People’s Congress.
In the second half of 2019 the Beijing municipal government announced the launch of the Beijing Fintech Research Institute (北京金融科技研究院) in Xicheng’s Bejing Fintech and Specialist Service Innovation Demonstration District (北京金融科技与专业服务创新示范区), with the goal of fostering “resource integration, technological sharing, and research and development breakthroughs.”
According to publicly available data the research institute is a “privately run non-enterprise entity” situated at 63 Nancaochang in Xicheng.