Shanghai Unveils Action Plan to Accelerate the Construction of a Global Fintech Center

Shanghai Unveils Action Plan to Accelerate the Construction of a Global Fintech CenterThe Shanghai Municipal People's Government Office recently issued the "Action Plan for High-quality Promotion of Global Fintech Center Construction in Shanghai," outlining the direction for further promoting the development of Shanghai's fintech industry. The plan focuses on key technological breakthroughs, infrastructure development, digital currency applications, and other aspects, aiming to build a secure, controllable, open, and innovative fintech ecosystem, and help Shanghai become a global fintech center

Shanghai Unveils Action Plan to Accelerate the Construction of a Global Fintech Center

The Shanghai Municipal People's Government Office recently issued the "Action Plan for High-quality Promotion of Global Fintech Center Construction in Shanghai," outlining the direction for further promoting the development of Shanghai's fintech industry. The plan focuses on key technological breakthroughs, infrastructure development, digital currency applications, and other aspects, aiming to build a secure, controllable, open, and innovative fintech ecosystem, and help Shanghai become a global fintech center.

Focusing on Indigenous Innovation Development, Building a Secure and Controllable Fintech Ecosystem

The plan emphasizes promoting the secure and controllable core technologies of financial informatization, supporting core technological innovations in areas such as chips, operating systems, and databases. This will drive the development of a self-reliant and controllable innovation ecosystem for information technologies in the financial field, improving the level of substitution and application scale of domestically produced key software and hardware in the financial sector.

Promoting the Reconstruction and Upgrading of Core Financial Systems, Ensuring Safe and Stable Operation of the Financial System

The plan proposes to promote the reconstruction and upgrading of core financial systems based on relevant security and cryptography standards for financial infrastructure and financial institutions in Shanghai, and to promote the full application of commercial cryptography in the financial field. This will enhance the security and stability of core financial systems, ensuring the safety and reliability of financial data.

Strengthening Infrastructure Development in Computing Power, Linguistic Data, and Blockchain, Creating a Fintech Innovation Platform

The plan encourages financial infrastructure, financial institutions, and fintech companies to actively participate in the construction of Shanghai's public artificial intelligence computing power service platform, making full use of platform infrastructure resources and deploying computing power rationally. At the same time, it encourages diverse cooperation through the Shanghai Large Model Linguistic Data Alliance, etc. to build a Shanghai large model financial linguistic data database, achieving a high-quality supply of financial linguistic data and promoting innovative applications of financial vertical large models. Furthermore, the plan supports financial infrastructure, financial institutions, and fintech companies in Shanghai to participate in the joint construction of Shanghai's urban blockchain infrastructure. Through cross-chain cooperation and other models, it will jointly explore innovative cooperation, creating a batch of compliant and secure blockchain application benchmark demonstration scenarios in the financial field.

Deepening the Research and Application of Digital RMB, Exploring the Construction of a Finternet High Ground

The plan actively connects with the People's Bank of China, supporting the construction of functional entities of digital RMB in Shanghai and promoting the development of digital currency research institutes in relevant institutions in Shanghai. It will continue to expand the coverage and use scale of digital RMB in key areas such as consumption, transportation, government affairs, and medical care in Shanghai, promote innovative applications of digital RMB in financial markets, digitalization of shipping trade, cross-border payment, and other areas, promote value-mode digital RMB applications, and explore the building of Shanghai into a global financial internet (Finternet) high ground.

The Release of the Action Plan Marks a New Stage in the Construction of Shanghai's Fintech Center

The release of the "Plan" reflects the high importance that the Shanghai municipal government attaches to the development of the fintech industry, and also demonstrates Shanghai's determination to build a global fintech center. Implementation of the plan will effectively promote the innovative development of the fintech industry and lay a solid foundation for Shanghai to build a fintech center with international competitiveness.

Specific Content of the Action Plan includes:

• Promoting Secure and Controllable Core Technologies for Financial Informatization: Focusing on the trend of indigenous innovation development, supporting core technological innovation in areas such as chips, operating systems, and databases, accelerating the building of a self-reliant and controllable innovation ecosystem for information technologies in the financial field, and continuously improving the level of substitution and application scale of domestically produced key software and hardware in the financial sector.

• Promoting the Reconstruction and Upgrading of Core Financial Systems: Promoting the reconstruction and upgrading of core financial systems based on relevant security and cryptography standards for financial infrastructure and financial institutions in Shanghai, promoting the full application of commercial cryptography in the financial field, and maintaining the independent, stable, and secure operation of core financial systems.

• Promoting Infrastructure Development in Computing Power, Linguistic Data, and Blockchain in the Financial Field: Encouraging financial infrastructure, financial institutions, and fintech companies to actively participate in the construction of Shanghai's public artificial intelligence computing power service platform, making full use of platform infrastructure resources and deploying computing power rationally. Through diverse cooperation with the Shanghai Large Model Linguistic Data Alliance, etc., to build a Shanghai large model financial linguistic data database, achieving a high-quality supply of financial linguistic data and promoting innovative applications of financial vertical large models. Supporting financial infrastructure, financial institutions, and fintech companies in Shanghai to participate in the joint construction of Shanghai's urban blockchain infrastructure. Through cross-chain cooperation and other models, it will jointly explore innovative cooperation, creating a batch of compliant and secure blockchain application benchmark demonstration scenarios in the financial field.

• Deepening the Research and Application of Digital RMB: Actively connecting with the People's Bank of China, supporting the construction of functional entities of digital RMB in Shanghai and promoting the development of digital currency research institutes in relevant institutions in Shanghai. Continuously expanding the coverage and use scale of digital RMB in key areas such as consumption, transportation, government affairs, and medical care in Shanghai. Promoting innovative applications of digital RMB in financial markets, digitalization of shipping trade, cross-border payment, and other areas, promoting value-mode digital RMB applications, and exploring the building of Shanghai into a global financial internet (Finternet) high ground.

Implementation of the plan will have a positive impact on the development of Shanghai's fintech industry:

• Promoting Fintech Innovation: The plan supports fintech companies in participating in core technological innovation, encourages the application of cutting-edge technologies such as blockchain, and will further promote the innovative development of the fintech field.

• Improving Financial Security Levels: The plan emphasizes the secure and controllable core technologies of financial informatization, promotes the reconstruction and upgrading of core financial systems, and will effectively enhance the security guarantee capabilities of the financial industry.

• Promoting Digital Economic Development: The plan promotes digital RMB applications, encourages financial institutions to participate in digital infrastructure construction, and will help Shanghai's digital economic development.

Advantages of Shanghai in Building a Global Fintech Center:

• Strong Financial Industry Foundation: Shanghai has a complete financial market system and abundant financial institution resources, providing a solid industry foundation for fintech development.

• Leading Technological Innovation Capabilities: Shanghai boasts abundant technological innovation capabilities, gathering numerous technology companies and talents, providing strong technological support for fintech development.

• Open Policy Environment: Shanghai continues to optimize its business environment, actively promotes fintech innovation, and creates a favorable policy environment for the development of fintech.

Looking Forward:

Shanghai will take the action plan released this time as an opportunity to accelerate the development of the fintech industry, build a fintech center with global competitiveness, and contribute to Shanghai's construction of a modern international metropolis with global influence.