The Dream Factory of China

Source :Qianhai Communication Center

A subsidy of up to 300,000 yuan (US$42,857) is available to Qianhai-based financial institutions with financial innovation products or practices, according to a notice issued by the Qianhai authority Sept. 29.

The subsidy has been designed to encourage financial innovation among financial enterprises and institutions in the free trade area that will better serve the real economy, said the notice.

According to the notice, Qianhai-registered financial enterprises and institutions, as well as those providing supportive services to the financial sector that have been approved by the central authority or the local financial regulators are eligible for applying for the subsidy for their innovation products or practices.

The financial innovation products and practices are required to have been put into the market or implemented for two years to qualify for the subsidy, the notice stated, on the condition that they have been proven effective in risk control and are in line with related financial laws and regulations.

The candidate innovation products and practices are also required to be conducive to improve the financial market and the financial system to qualify for the subsidy, according to the notice.

In addition, financial innovation products, practices and fintech services submitted for the subsidy are required to have been designed to facilitate financial cooperation between Shenzhen and Hong Kong and the development of cross-border finance, provided that they have been recognized by both the financial markets in both Shenzhen and Hong Kong.

Those candidates will be favored for the subsidy if the financial innovations have been initiated for the Guangdong-Hong Kong-Macao Greater Bay Area, and are conducive to controlling risk and stabilizing the financial market. Priority for the subsidy will also be given to financial innovations that have helped resumed work and production amid the COVID-19 pandemic.

Eligible financial enterprises and institutions in Qianhai can submit their applications for the subsidy before Oct. 22. Two first-prize winners will each receive 300,000 yuan in subsidy, while three second-prize winners will each be given 200,000 yuan. There will be five third-prize winners with each receiving 100,000 yuan. A subsidy of 50,000 yuan will be set aside for 10 excellent financial innovation cases. The prize will be shared among several applicants who jointly apply for the same financial innovation product, practice or service.