Now Fintech has become an important driver for the high-quality development of finance and injected strong vitality into finance. Vigorously developing fintech is the new connotation, opportunity and power of advancing the building of Shanghai International Finance Center, as well as the focus of promoting the integrated development of Shanghai International Finance Center and the Technology Innovation Center under the national strategy. In the final sprint for the building of Shanghai International Finance Center, Shanghai must take fintech as the key direction.

To implement the arrangements and requirements of the CPC Shanghai Municipal Committee and the Shanghai Municipal People's Government, support the building of Shanghai International Fintech Center, and promote the high-level agglomeration and high-quality development of Shanghai's fintech industry, the Launch Ceremony of Shanghai Fintech Industry Alliance (SFIA) initiated by Shanghai International Group (SIG) took place at the North Bund, Hongkou District on May 17. Wu Qing, Member of the Standing Committee of the CPC Shanghai Municipal Committee and Vice Mayor of the Shanghai Municipal People's Government, unveiled the plate for the alliance and delivered an address. Present at the ceremony were Chen Mingbo, Deputy Secretary General of the Shanghai Municipal People's Government; as well as leaders of the People's Bank of China (PBC) Shanghai Head Office, the China Banking and Insurance Regulatory Commission (CBIRC) Shanghai Bureau, the China Securities Regulatory Commission (CSRC) Shanghai Bureau, the Shanghai Municipal Financial Regulatory Bureau (SMFRB), the Shanghai Municipal State-owned Assets Supervision and Administration Commission (SHSASAC), the Shanghai Economy and Information Technology Commission (SEITC), the Science and Technology Commission of Shanghai Municipality (STCSM) and Hongkou District. The Inaugural Conference & the 1st Meeting of the 1st Council of SFIA was held prior to the ceremony. The conference adopted SFIA's Constitution upon deliberation and elected members of the 1st Council and the Secretariat.

Wu Qing, Member of the Standing Committee of the CPC Shanghai Municipal Committee and Vice Mayor of the Shanghai Municipal People's Government, unveiled the plate for SFIA

SFIA Emerged as Required by the Times

At the Sino-British Fintech Forum 2019 last September, SIG issued the initiative of establishing SFIA to promote fintech industry integration, build a business cooperation platform and establish an industry ecology connection mechanism. The initiative was strongly supported by the financial regulator, relevant municipal functional departments and Hongkou District, and received wide response from Shanghai's fintech enterprises and institutions.

SIG issued the initiative of establishing SFIA in October 2019

SFIA is steered by 8 administrative departments, including the PBC Shanghai Head Office, the CBIRC Shanghai Bureau, the CSRC Shanghai Bureau and SMFRB, and consists of 44 members, including financial factor market, financial institutions, new finance and fintech subsidiaries, tech enterprises, universities, research institutes and functional institutions. Positioned as a trans-industry, open and non-profit unincorporated organization made up of fintech institutions, guided by the concept of open exchange, frontier presentation, win-win cooperation and ecological innovation, SFIA aims to serve the high-quality development of the fintech industry in Shanghai and the Yangtze River Delta, build an international technology cooperation and industry promotion platform, focus on theoretical development, application and practice, facilitate fintech cooperation among members, advance the industrial collaboration and ecological building of fintech, and promote the deep integration of the building of Shanghai International Finance Center with the integrated development of the Yangtze River Delta.

SFIA will build a highland for industrial agglomeration, strive to enhance the influence and visibility of the fintech industry, form the standards of Shanghai and contribute the power of Shanghai at business and technical levels, serve the creation of a "6+1" pattern for Shanghai International Finance Center, and promote the high-quality development of the fintech industry in Shanghai and the Yangtze River Delta.

The First Outcomes of SFIA Roll out

At the launch ceremony, Chen Mingbo, Deputy Secretary General of the Shanghai Municipal People's Government; Jin Penghui, Deputy Secretary of the CPC Committee and Deputy Director of the PBC Shanghai Head Office and President of PBC Shanghai Branch; Xie Dong, Director General of SMFRB; and Yu Beihua, Secretary of the CPC SIG Committee and Chairman of the Board of Directors jointly unveiled the plate for SFIA's physical carrier-"Shanghai Chengchuang Fintech International Industrial Park". Located at Hongkou District, the park will further strengthen fintech carrier service, take an active part in the pilot practice of fintech innovation, attract licensed financial institutions, fintech enterprises, research institutes and functional organizations to move in, and become an important supporting area for the building of Shanghai Fintech Center and Shanghai Global Assets Management Center.

Inaugural Ceremony of Shanghai Shinovation Fintech International Industry Park

As a major move of the Shanghai Fintech Industry Alliance (SFIA), the "Shanghai International Fintech Innovation Center" was launched at the inaugural ceremony. This will be the main field where SFIA serves major national and municipal strategies, as well as the main front where SFIA's members showcase results of fintech development, innovation and application. In the center, the "FinTech Security Laboratory" established by the China Academy of Information and Communications Technology was inaugurated. With focus on fintech application innovation, the laboratory will offer services such as cybersecurity research and technology innovation, standard setting, testing and assessment, application demonstration and industrialized promotion.

At the ceremony, the leader of the People's Bank of China Shanghai Head Office announced the launch of pilot fintech innovation regulation in Shanghai. He encouraged all participants, including SFIA's members, to declare pilot regulation projects, step up horizontal exchanges on pilot projects and result sharing, deepen technology application in the financial market and improve the capacity for fintech support.

Launch ceremony of the Shanghai International Fintech Innovation Center

Contract signing & inaugural ceremony of the FinTech Security Laboratory

Pilot fintech innovation regulation kicks off

Shanghai Fintech White Paper (2019) is released

Shanghai Shinovation Capital Corporation Co., Ltd., Secretary General Company of SFIA, organized the Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University and other members of SFIA, to make up a research group that spent six months conducting elaborate planning, massive surveys and in-depth case analyses, and summarizing the current situation of fintech application in Shanghai. The white paper reflects Shanghai's innovative practices, staged results and future trend of fintech development, pools the collective wisdom of SFIA's members, deepens the consensus and research on the building of Shanghai into a fintech center, and offers suggestions on Shanghai's fintech development.

Release of Shanghai Fintech White Paper (2019) and keynote speeches

In the future, SFIA will keep improving the mechanism of win-win cooperation and ecological innovation, play its role in integration, aggregation and radiation, and prompt its industrial members to share resources and complement each other's advantages, in a joint effort to promote the development of Shanghai's fintech industry.