China to Develop More Cities as Global Fintech Hubs

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The other cities besides Beijing that China will develop as global fintech hubs include Shanghai, Shenzhen and Hangzhou, underpinned by regulations on fintech development.
China plans to build fintech hubs nationwide, focusing on the research and development of blockchain technology and digital currency to boost investment in financial infrastructure, according to local media reports.
According to a report issued at the 2020 China Financial Technology Forum, Beijing already ranks top among eight cities around the world due to its large consumer market, advanced technology application and fast development of the fintech ecosystem. The other cities that China aims to develop as global fintech hubs include Shanghai, Shenzhen and Hangzhou, the report said.
Beijing also became the first city in China to launch fintech regulation trials in December. Up to 17 projects are undergoing tests. “The third group of fintech regulation projects in Beijing are in the pipeline,” according to Li Wei, head of the science and technology department of the PBOC (People’s Bank of China).
Regulations on fintech development will focus on protecting personal privacy, expanding fintech services to benefit more individuals and streamlining regulations, Li said.
Last year, the PBOC published a three-year fintech development plan, outlining the country’s …

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