The Pudong New Area of Shanghai has just launched a new demonstration zone to step up fintech applications and integrate financial sector data usage.
An official ceremony was held for the opening of the Financial Data Harbour (金融数据港) in the Zhangjiang Hi-Tech Park of Shanghai’s Pudong district on 27 July.
The Financial Data Harbour will seek to “make use of Pudong’s vast volume of financial data to focus on the six major functions of payments, settlement, credit inquiries, regulation, security and standardization; accelerate the excavation of the financial value of data, raise the role of data assets in resource allocations, and seize the high grounds of the financial data sector.”
Shanghai authorities also hope to create an “internationally competitive and influential financial data harbour; create a financial digital transformation implementation zone, a hub for financial data enterprises, a demonstration zone for financial data application scenarios, a pilot zone for financial data regulatory innovations and a leading zone for financial data standardisation.”
The Pudong Financial Data harbour will be host to “state level financial digital infrastructure” including bank card transaction systems, credit information systems and clearance settlement systems.