The Dream Factory of China

FinTech Pioneering Zone in Qianhai Shenzhen-Hong Kong Fund Town and Shenzhen FinTech Building were inaugurated during the opening ceremony of the 2016 China Shenzhen FinTech Summit, which was held at the Wuzhou Guest House in Futian District yesterday.

High-quality offices and facilities will be offered to FinTech companies in the FinTech Pioneering Zone, while Shenzhen FinTech Building, located in the Shenzhen High-tech Industrial Park in Nanshan District, will set up the city’s first incubator for FinTech startups, according to the summit’s organizers.

The summit, attended by over 300 guests consisting of academics, government officials and professionals from the financial sector, was hosted by the city government and co-organized by the Shenzhen Financial Industry Development and Service Office and the Qianhai Authority.

“New technologies are not only beefing up the traditional financial industry, but also expediting the emergence of new business forms in the financial sector,” said Ai Xuefeng, Shenzhen’s vice mayor, in a speech at the summit’s opening ceremony.

Wu Xiaoqiu, vice president of Renmin University of China, said China is outpacing many other countries in the world regarding the application of financial technologies, and China’s fast-growing Internet finance is changing the country’s financial industry in many aspects.

“The technology era of the financial industry has arrived, which will diversify the financial industry in China,” Wu said, adding that people should be aware of technology’s positive impact on the financial industry and also be wary of the risks of Internet finance due to its lack of transparency.

Yao Yudong, chief economist of Dacheng Fund Management Co. Ltd., read out the initiative for establishing China Shenzhen FinTech Digital Currency League and China Shenzhen FinTech Research Institute during the opening ceremony.

He said that the league and the institute, aimed at promoting the innovation and combination of finance and technology, will both be located in Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone.