The Shanghai office of the Chinese central bank has publicly announced the list of potential projects for the city’s fintech sandbox regulatory trial.
On 21 July the People’s Bank of China’s (PBOC) Shanghai office released a list of the eight projects proposed for inclusion in Shanghai’s fintech innovation regulatory trials (金融科技创新监管试点) for feedback from the public.
Banks figure prominently amongst the applicants, which include ICBC, Bank of Communications, Shanghai Pudong Development Bank, Bank of Shanghai, Shanghai Huarui Bank, China UnionPay, China Mobile, CCB Fintech and CIB Fintech.
|1||Micro, small and medium-sized enterprise financial services based on multi-party security map calculations||Financial services||Bank of Communications, China Mobile (Shanghai) Shanghai Fushu Keji Co., Ltd.|
|2||Micro and small-enterprise online financial services based on the blockchain||Financial services||Shanghai Pudong Development Bank|
|3||“Shanghang Puhui” non-contact financial services||Financial services||Bank of Shanghai|
|4||Smart supply-chain financial services based on artificial intelligence||Financial services||Shanghai Huarui Bank|
|5||Finance and government affair data-integration products based on the blockchain||Tech product||China UnionPay, Shanghai Pudong Development Bank, Bank of Shanghai|
|6||“Xinmenglian” (信盟链) risk information coordination sharing product.||Tech product||CCB, CCB Fintech|
|7||“Rongtongbao”( 融通保) micro, small and medium-sized enterprise invoice circulation support product||Tech product||Industrial Bank Co., CIB|
|8||“Yirong Xingkong” (易融星空) industry financial data risk control product||Tech product||Shanghai Jujun Keji CO., Ltd. ICBC Shanghai branch|
A total of nine cities around China have obtained approval from the Chinese central bank to launch fintech sandbox trials, including Beijing, Shanghai, Chongqing, Shenzhen, Xiong’an New District, Hangzhou, Suzhou, Guangzhou and Chengdu, which nabbed approval in July.
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.