The People’s Bank of China (PBOC) has just opened a new fintech subsidiary in the southern tech hub of Shenzhen.
PBOC held the official ceremony for the establishment of Zhonghui Fintech (中汇金融科技) on 13 December at the 2020 China (Shenzhen) Fintech Global Summit held in Shenzhen.
Zhonghui Fintech was registered on 29 October 2020 and has registered capital of 100 million yuan. Its main operations include the provision of operational and technical support for interbank forex transactions, renminbi interbank loans and bond transactions, as well as the research and development of Internet technology and software.
The new company is wholly owned by Zhonghui Information Technology (Shanghai) Co., Ltd. (中汇信息技术（上海）有限公司), which is in turn wholly owned by the China Financial Transaction Centre (中国金融交易中心), which is itself whole owned subsidiary of PBOC.
In future Zhonghui Fintech will work with the China Foreign Exchange Trade System (中国外汇交易中心) to drive the development of a global platform for renminbi transactions and trading of related products, as well as the creation of an online open platform for participants in the interbank market.
Zhonghui Fintech is the second fintech company to be opened by PBOC in 2020, as well as its fifth fintech subsidiary.
People’s Bank of China Fintech Subsidiaries
|Fintech subsidiary||Time of establishment||Registered location|
|PBOC Digital Currency Research institute (中国人民银行数字货币研究所)||January 2017||Beijing|
|Shenzhen Fintech Co., Ltd. (深圳金融科技有限公司)||June 2018||Shenzhen|
|Yangtze Delta Fintech Co., Ltd. (长三角金融科技有限公司)||March 2019||Suzhou|
|Chengfang Fintech Co., Ltd. (成方金融科技有限公司)||July 2020||Beijing|
|Zhonghui Fintech (中汇金融科技)||October 2020||Shenzhen|