Shanghai Announces First Batch of Eight Projects for Fintech Sandbox Trials

0
98

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.

No. Application nameTypeApplicant
1Micro, small and medium-sized enterprise financial services based on multi-party security map calculationsFinancial servicesBank of Communications, China Mobile (Shanghai) Shanghai Fushu Keji Co., Ltd.
2Micro and small-enterprise online financial services based on the blockchainFinancial servicesShanghai Pudong Development Bank
3“Shanghang Puhui” non-contact financial servicesFinancial servicesBank of Shanghai
4Smart supply-chain financial services based on artificial intelligence Financial servicesShanghai Huarui Bank
5Finance and government affair data-integration products based on the blockchain Tech productChina UnionPay, Shanghai Pudong Development Bank, Bank of Shanghai
6“Xinmenglian” (信盟链) risk information coordination sharing product. Tech productCCB, CCB Fintech
7“Rongtongbao”( 融通保) micro, small and medium-sized enterprise invoice circulation support product Tech productIndustrial Bank Co., CIB
8“Yirong Xingkong” (易融星空) industry financial data risk control product Tech productShanghai 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.  

Related stories

Chengdu Grabs Ap­proval for Fin­tech Sand­box Tri­als, Joins Eight Other Chi­nese Cities

Hangzhou’s Fin­tech Sand­box Tri­als Of­fi­cially Com­mence

Cen­tral Bank High­lights Progress on 46 Fin­tech Sand­box Pro­jects in Bei­jing

LEAVE A REPLY

Please enter your comment!
Please enter your name here