Shenzhen pushes ahead with fintech innovation in capital markets
Published: Apr 07, 2022 09:56 PM
Shenzhen Photo: VCG

Shenzhen Photo: VCG

China’s tech hub Shenzhen has made a lot of progress in pushing fintech innovation in its capital markets such as conducting test runs on a number of new fintech applications, officials said on Thursday, as the city moves to empower its financial markets with enriched technological resources. 

Shenzhen was picked by the central government to be one of the trial cities for carrying out fintech innovation experiments in the capital markets, which the city has actively pushed. The experiments are mainly targeting Shenzhen’s core financial institutions such as the Shenzhen Stock Exchange, securities and futures institutions and regional equity markets, said Zhu Wenbin, an inspector of the Shenzhen branch of the China Securities Regulatory Commission, during a press conference on Thursday afternoon. 

The experiments focus on how new-generation information technologies such as cloud computing and big data can empower capital markets, Zhu said. 

Shenzhen has completed a first batch of experimental projects, Zhu noted, with 38 applying to securities companies. The projects are undergoing preliminary examinations and opinion feedback. 

The city’s efforts to select fintech innovation trial projects came after local authorities issued a document to support the city’s fintech development through more than 30 specific measures. For example, the city will give bonuses of as much as 20 million yuan to high-tech institutions such as data centers and scientific research centers that settle in Shenzhen, in order to encourage the cluster development of fintech enterprises in the city. 

Shenzhen will also nurture a batch of new financial institutions that have “internet characteristics” in traditional financial areas like banking, insurance and securities, the document noted. 

Feng Zixing, deputy head of the People’s Bank of China’s Shenzhen central sub-branch, disclosed on Thursday afternoon that Shenzhen has already conducted test runs on eight fintech innovative applications that cover high technologies including artificial intelligence and blockchain.