The Shanghai government has announced that five of the projects for its second round of fintech sandbox trials have completed registration and are on track to provide their services to local consumers.
According to an official announcement made on 29 April these projects include:
- “Remote Visual Banking Services” developed by Bank of Communications and Tencent Cloud Computing;
- A “Commercial Services Platform Based on Big Data” developed by Allinpay;
- “Image Privacy Protection Products Based on Multi-party Secure Computing” developed by UnionPay, Bank of Communications, Hua Kong Tsingjiao and Irisian Versa;
- “Data Connect Data Integration Applications Based on Homomorphic Encryption” developed by Bank of Shanghai, the Shanghai branch of Ping An Bank and Shanghai Tongtai Tech;
- A “Differentiated Sales Platform Based on Multi-party Secure Computing” developed by IceKredit and the Shanghai branch of the Bank of Nanjing.
Beijing was the first city in China to launch a fintech sandbox trial at the start of 2020, while Shanghai’s kicked off in May of the same year.
By 3 November 2020 all eight of the projects included in Shanghai’s first round of fintech sandbox trials completed registration for the provision of services to consumers.
A total of nine cities in China have launched their own fintech sandboxes, including Beijing, Shanghai, Suzhou, Chengdu, Shenzhen, Xiong’an New District, Chongqing, Hangzhou and Guangzhou.