Shanghai unveils five-year fintech hub plan

TechNode | Jan 16, 2020 at 6:43 AM
  • Shanghai has set its sights on becoming a globally competitive fintech hub in five years, according to a new action plan released by the municipal financial regulator on Wednesday, including initiatives to ramp up research and development of technologies like blockchain and 5G.
  • Why it matters: In a bid to compete with global financial centers such as New York and London, China has been promoting the development of fintech applications like mobile payments, internet financial services, and a digital fiat currency in Shanghai and other major cities.
  • Details: Shanghai Municipal Financial Regulatory Bureau announced an action plan on Wednesday to become an international financial tech hub in five years.