The Guangdong province capital of Guangzhou has publicly announced the first group of five applications set to make their debut in its fintech sandbox trials.
The Guangzhou branch of the People’s Bank of China (PBOC) unveiled the first batch of five projects on 24 August, highlighting an emphasis on financial inclusion and cross-border trade settlement.
The First Batch of Five Projects for Guangzhou’s Fintech Sandbox Trial
|1||Secure financial services based on knowledge maps||Guangfa Bank, Dongdun (Guangzhou) Tech Co., Ltd.|
|2||Financial inclusion services based on big data and the Internet of Things||Guangdong province branch of Industrial and Commercial Bank of China|
|3||Online financial service channels based on liquid media technology||Guangdong province branch of Bank of Communications, JD Digital|
|4||Financial inclusion micro-finance services based on big data and complex networks||Guangzhou Rural Village Commercial Bank|
|5||Cross-border settlement services based on multi-party secure computing traceable certification||Guangzhou municipal branch of ICBC, Guangzhou UnionPay Network Payments Co., Ltd., Yuncong Keji Group|
On 14 August Hangzhou and Suzhou both unveiled the first set of trial projects for their own fintech sandbox trials, which focused primarily on loan risk control and credit, as well as smart finance.
PBOC announced the launch of China’s first fintech sandbox trial in Beijing in early January, after initially approving the scheme in December 2019.
A total of nine Chinese cities have obtained approval to conduct fintech sandbox trials, including Beijing, Shanghai, Chongqing, Shenzhen, Xiong’an New District, Hangzhou, Suzhou, Guangzhou and Chengdu.