The Sichuan province capital of Chengdu has become the ninth city in China to grab approval from the Chinese central bank to launch its own fintech sandbox regulatory trials.
According to a 20 July report from National Business Daily Chengdu’s local financial authority obtained approval from the People’s Bank of China (PBOC) several days ago for the launch of fintech innovation regulatory trials (金融科技创新监管试点).
The move brings the number of Chinese cities approved for fintech sandbox trials to nine in total, including Beijing, Shanghai, Chongqing, Shenzhen, Xiong’an New District, Hangzhou, Suzhou, Guangzhou and Chengdu.
PBOC announced the launch of China’s first fintech sandbox trial in Beijing in early January, after first approving the scheme in December 2019.
In late June the Zhejiang province capital of Hangzhou announced the launch of its own trial scheme, while Shanghai commenced work in its own fintech sandbox in May.
In May Chengdu also teamed up with the local branch of PBOC to launch the “Chengdu Municipal Fintech Development Plan (2020 – 2022)” (成都市金融科技发展规划(2020-2022年)).