Chinese authorities have publicly released details on the first set of trial projects for the Shenzhen fintech sandbox.
The Shenzhen Fintech Innovation Regulatory Trial Work Team (深圳金融科技创新监管试点工作组) said over the weekend that applicants for the first four projects included traditional lenders such as Bank of China, China Merchants Bank and China CITIC Bank, as well as Tencent-backed online lender WeBank.
Other applicants include credit agency Baihang Credit and tech giant Huawei.
The first four fintech trial projects in Shenzhen encompass technologies including the blockchain, big data, cloud computing, artificial intelligence, secure element (SE) chips and trusted execution environments (SEE).
The Chinese central bank first flagged the launch of fintech sandbox regulatory trials at the end of 2019, beginning with Beijing.
The number of Chinese cities cleared for fintech sandbox trials has since risen to eight in total, including Beijing, Shanghai, Chongqing, Shenzhen, Xiong’an New District, Hangzhou, Suzhou, Guangzhou and Chengdu.
Shanghai recently unveiled an initial batch of eight fintech trial projects, while in March of this Year Beijing revealed its initial batch, before announcing the second batch in June.