Zhejiang province sees fintech as a new promoter for the economic and financial development, and a new Fintech landscape is emerging. At the same time, there is a growing awareness of the importance of regulatory capabilities, innovative environment, and the availability of digital infrastructure, which may be fundamental for the sustainable development of Fintech.
As one of the two Yangtze River Delta cores, along with shanghai, hangzhou is leading the economic integration of the region, to promote the development of innovation and collaboration in Fintech
Qiantang Rive Financial Harbor Fintech Lab is zhejiag government’s recent endeavor to promot fintech innovation, talent nurturing, education and incubating small fintech firms to build a global fintech center in zhejiang.
(Government officials present during the opening ceremony of Qiantang River Financial Harbor Fintech Lab, Deputy governor of Mr Zhu Congjiu in the center, Chairman of China Talent Research Institute, Mr Hexian on the left, others from financial regulation bureau, education bureau etc.)
The fintech lab was established in 2019, in Century City of Hangzhou, jointly run by zhejiang financial talents association and zhejiang industrial unversity, secretary general of Zhejiang Financial Talents Association Mr Guo Tao, who is in charge of the fintech lab, says the lab starts with a focus of combining fintech with asset management, creating china’s first Quant degree in the university, quant refers to a method of using statistics, big data to drive asset allocations. This quant degree was designed specifically cater the burgeoning need of talents in quant fund sector.
(Secretary general of Zhejiang Financial Talents Association Mr Guo Tao is showing government officials fintech lab center)
(Government officials visiting the fintech lab on site)
The fintech lab also focuses on small technology firm’s incubation, its fintech incubator has over 100 companies residing, with over 300 patents, 500 employees, the incubator provides finance, roadshow to capital, talent recruits and business opportunities in firms development.
Fintech is not only a term used to describe an industry encompassing any kind of technology in financial services – from businesses to consumers and any company that provides financial services through software or other technology. In China, we see fintech emcompass finace and technology, focusing financial resources in helping technology sector to grow.
For example, zhejiang is acitivly promoting using blockchain technology to redesign Supply Chain Finance, taking advantage of the features as transparency and decentralization, building a trustwothy bloackchain network to faciliate more bank loans to companies.
Zhejiang is still vigourously building a global fintech center as the future economic drivers and Guo Tao says more innovative actions will take place in the future.
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