Guangzhou’s Fintech Sandbox Unveils Second Batch of Innovation Projects

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The Guangzhou municipal authorities have just made public a total of four new innovation projects for the second round of its fintech sandbox trials.

The Guangzhou government said on 4 June that the projects involved the participation of commercial banks, tech firms and R&D think tanks, and covered areas including financial inclusion, regtech and risk control.

Projects Included in the Second Round of Guangzhou’s Fintech Sandbox Trials

No.Innovation Project NameApplication categoryApplicant entities
1.Risky transaction early warning system based on knowledge graph technologyFinancial servicesThe Guangdong Province branch of the Agricultural Bank of China.
2.Micro and small-enterprise financing services based on big data risk controlFinancial servicesBank of Guangzhou, Sequoia Db.
3.Identification of risky and illicit foreign exchange conduct based on knowledge graphs. Financial ServicesThe Guangdong province branch of the State Administration of Foreign Exchange (SAFE); China Guangfa Bank.
4.Verfication system for submitted information based on the blockchain. Tech productThe Software Applications Technology Research Institute of the Chinese Academy of Sciences; China Electronic Port; the Guangzhou branch of China Merchants Bank; Zhongke Huizhi (中科汇智).

A total of nine cities in China have launched their own fintech sandbox trials since the start of 2020, including Beijing, Shanghai, Suzhou, Chengdu, Shenzhen, Xiong’an New District, Chongqing, Hangzhou and Guangzhou.

The “Greater Bay Area Development Plan Outline” (粤港澳大湾区发展规划纲要), which encompasses Hong Kong, Macau and Guangdong Province, makes implementation of China’s “Fintech Development Plan (2019 – 2021)” (金融科技发展规划(2019-2021年)) one its key focal points.

Chen Shoufu (陈道富), deputy-head of the State Council’s Financial Research Institute, said that the projects employ multi-vector data from multiple institutions, and made use of machine learning, blockchains and other technology to deeply excavate the intrinsic value of data, while at the same time balancing personal privacy alongside data security and rights.

“They pragmatically and effectively resolve actual challenges, and provide new methods for more effective risk identification and early warning, prompt risk control and the provision of convenient financing to micro-and-small enterprises.

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