Guangzhou Unveils First Batch of Applications for Municipal Fintech Sandbox Trials

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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

No.ProjectApplicant
1Secure financial services based on knowledge mapsGuangfa Bank, Dongdun (Guangzhou) Tech Co., Ltd.
2Financial inclusion services based on big data and the Internet of ThingsGuangdong province branch of Industrial and Commercial Bank of China
3Online financial service channels based on liquid media technologyGuangdong province branch of Bank of Communications, JD Digital
4Financial inclusion micro-finance services based on big data and complex networksGuangzhou Rural Village Commercial Bank
5Cross-border settlement services based on multi-party secure computing traceable certificationGuangzhou 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. 

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