The People’s Bank of China (PBOC) has announced the launch of a new fintech subsidiary in the Xicheng district of Beijing.
The subsidiary Chengfang Fintech Co., Ltd. (成方金融科技有限公司) was established on 30 July with registered capital of 2.0078 billion yuan, and has a registered address in the Xicheng district of Beijing.
Chengfang Fintech was established by five shareholders, all of which are fully owned by PBOC, including:
- The People’s Bank of China Credit Reference Centre (中国人民银行征信中心) (0.3885% of equity),
- China Gold Coin Corporation (中国金币总公司) (14.9417%),
- China Financial Computerization Corp. (中国金融电子化公司) (34.864%),
- China Banknote Printing and Minting Corporation (中国印钞造币总公司) (24.9029%),
- China National Clearing Centre (中国人民银行清算总中心) (24.9029%).
The business scope of the subsidiary includes software development, tech development, tech consulting, tech services, tech transfer, data processing, computer system services and leasing of equipment.
The Chinese central bank has thus far established a total of four fintech subsidiaries, including:
|Time of establishment||Registered location||Enterprise name|
|January 2017||Beijing||People’s Bank of China Digital Money Research Institute (中国人民银行数字货币研究所)|
|June 2018||Shenzhen||Shenzhen Fintech Co., Ltd. (深圳金融科技有限公司)|
|March 2019||Suzhou||Yangtze Delta Fintech Co., Ltd. (长三角金融科技有限公司)|
|July 2020||Beijing||Chengfang Fintech Co., Ltd. (成方金融科技有限公司)|
On 19 June Li Wei (李伟), head of PBOC’s tech department, said at the Lujiazui Forum that the central bank would establish new fintech subsidiaries as well as data centres to “integrate tech resources” in Shanghai, and support the establishment of Shanghai as an international fintech centre.