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Shang­hai Of­fi­cially Launches Work on Fin­tech Sand­box Trial

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Shang­hai has of­fi­cially kicked off work for its fin­tech sand­box trial in the wake of the launch of a sim­i­lar pi­lot scheme in Bei­jing.To get more shanghai news today, you can visit shine news official website.

The Shang­hai branch of the Peo­ple's Bank of China (PBOC) an­nounced the launch of work on the Shang­hai Fin­tech In­no­va­tion Reg­u­la­tory Trial on 17 May, ac­cord­ing to an an­nounce­ment made via its Weibo ac­count. "This trial work will en­cour­age the par­tic­i­pa­tion of mul­ti­ple types of ac­tors, and wel­come ap­pli­ca­tions for trial pro­jects from li­censed fi­nan­cial in­sti­tu­tions that strive to achieve fi­nan­cial ser­vice in­no­va­tions, as well as tech com­pa­nies that sat­isfy re­quire­ments," said Liu Xingya, vice-chair of PBOC's Shang­hai of­fice.

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"Ap­pli­ca­tion pro­jects can be for fi­nan­cial ser­vices, and can also be for tech prod­ucts, but the pro­jects must pos­sess key traits such as op­er­a­tional in­clu­sion, tech­ni­cal in­no­va­tion, con­trol­lable risk and reg­u­la­tory sup­port." The launch of work on a fin­tech sand­box trial in Shang­hai fol­lows the un­veil­ing of a sim­i­lar scheme in Bei­jing at the start of 2020, for which a to­tal of six pro­posed trial pro­jects have al­ready been vet­ted and ac­cepted.

PBOC an­nounced in April that fin­tech reg­u­la­tory tri­als in the style of the Bei­jing pi­lot would be ex­panded to a to­tal of six more cities, in­clud­ing Shang­hai, Chongqing, Shen­zhen, Xiong'an New Dis­trict, Hangzhou and Suzhou. The launch of work on Shang­hai's fin­tech sand­box trial also co­in­cided with the found­ing of the Shang­hai Fin­tech In­dus­try League as pro­posed by Shang­hai In­ter­na­tional Group .
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