XICHENG BUILDS THE CAPITAL’S FINTECH DEMONSTRATION ZONE
The inauguration ceremony of the Beijing Financial Technology (Fintech) and Professional Service Innovation Demonstration Zone was held at the Financial Street Forum in May 2018. The construction of the zone is one measure in the implementation of the Beijing Urban Master Plan 2016–2035 and serves the construction of the National Financial Management Centre and the National Scientific and Technological Innovation Centre.
Beijing will draft the Programme on Promoting the Development of Financial Technology of Beijing Municipality (2018–2022) and construct an industrial layout in the zone with financial supervision technology as its core and financial innovation application as its backbone. It will turn the zone into an important engine leading innovation in international financial technology and professional services, and the prevention and control of financial risks.
The Fintech ecosystem includes traditional financial institutions, and high-tech enterprises that provide innovative financial services, and other relevant institutions that provide professional services. Xicheng boasts unique advantages in developing Fintech and offers innovative professional services.
Financial Street, located in Xicheng District, has been constructed into the National Financial Management Centre which integrates decision-making supervision, standard setting, asset management, payments and settlements, information exchange and international cooperation. It focuses on the national financial management sectors and issues policies and information that impact domestic and international financial markets. It is a kind of natural force promoting the development of, and offering institutional support for, the development of Fintech.
Strong Industrial Basis
Xicheng District has a strong foundation in the Fintech industry and boasts active innovation.
Financial Street is home to a group of national financial registration and settlement infrastructures. These include the payment and settlement systems of the People’s Bank of China, China Securities Depository and Clearing Company Limited, China Central Depository and Clearing Company Limited, and Netsunion Clearing Corporation (NUCC), which offer strong support for supervision technology and industrial development. The district also gathers a group of high-end markets for the trading and settlement of property rights and assets. These include: The National SME Share Transfer System, China Beijing Equity Exchange, Beijing Financial Assets Exchange, China Water Exchange and China Forestry Exchange.
The zone’s Fintech enterprises are actively engaged in innovation and the Fintech industry has formed an industrial chain characterised by supervision, multiple channels, operation technology, third-party payment and security guarantees. New Fintech enterprises such as the Union Mobile Financial Technology Company Limited (UMF) and Miteno, have also been cultivated.
Xicheng has a large number of high-tech personnel. There are approximately 230,000 personnel working in the financial industry, more than 100,000 of whom work at the hightech enterprises at Zhongguancun Xicheng Science Park—a national cluster for high-level financial and technological personnel.
Quality Public Service Resources
Xicheng has abundant, high-quality public and professional service resources. Compared with New York’s Wall Street and East London’s Silicon Roundabout, Zhongguancun Xicheng Science Park—adjacent to Financial Street and the Zhongguancun Science City—enjoys comprehensive advantages in terms of its location as well as covering a 147-squaremetre space. In addition, convenient transportation links and improved facilities for housing, education and medical treatment have laid a solid foundation for the development of Fintech.
Many Fintech enterprises and office buildings have settled in the zone, including the Baolan Financial Innovation Centre, Beikuang Financial Plaza, Shoujian Financial Centre and Jinmao Building. More institutions and enterprises, such as the People’s Bank of China’s Credit Reference Center and the 360 Enterprise Security Group, will also settle in the zone.
Xicheng will adhere to its “three-step” programme in constructing innovation systems for supervision technology, industrial development, standardisation, research, development, applications and business environment. It will launch 16 projects in the fields of Fintech supervision, financial infrastructure, and risk prevention and control to set five international examples for Fintech supervision, industrial development, industrial standards, application and display, and service innovation. It will establish the zone as a source of Fintech institutional standards and innovative personnel.