Xiong’an New Area to Step up Financial Infrastructure Development, Establish Fintech Hub

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The Hebei province government has unveiled plans to transform the Xiong’an New Area into a hub for the regional fintech sector and accelerate the development of financial infrastructure.

The Hebei province people’s congress approved the “Hebei Xiong’an New Area Regulations” on 29 July. The Regulations are set to come into effect on the first of September.

The Regulations call for “driving arrangements for financial infrastructure in Xiong’an New Area and the establishment of a fintech centre,” as well as “orderly driving of the application of cutting-edge information technology in the field of finance.”

“[Xiong’an] should support the establishment of various types of legal person financial institutions, support the development of private and foreign-invested financial enterprises, and attract financial institution headquarters and innovative R&D centres to register in Xiong’an New Area.”

Xiong’an New Area is also set to further “drive the convertibility of the renminbi capital account.”

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