Shanghai Strives to Build a Global Fintech Hub: Focusing on Fundamental Technology R&D and Accelerated Incubation

Shanghai Strives to Build a Global Fintech Hub: Focusing on Fundamental Technology R&D and Accelerated IncubationThe General Office of the Shanghai Municipal People's Government recently issued the "Action Plan for Shanghai to Promote the High-Quality Development of a Global Fintech Center," outlining its plan to support original fintech technology research, establish a fintech incubation and acceleration system, and push Shanghai's fintech center construction to new heights.The plan highlights the importance of focusing on fundamental technology research and original innovation in areas such as artificial intelligence, cloud native, blockchain, privacy computing, and quantum computing

Shanghai Strives to Build a Global Fintech Hub: Focusing on Fundamental Technology R&D and Accelerated Incubation

The General Office of the Shanghai Municipal People's Government recently issued the "Action Plan for Shanghai to Promote the High-Quality Development of a Global Fintech Center," outlining its plan to support original fintech technology research, establish a fintech incubation and acceleration system, and push Shanghai's fintech center construction to new heights.

The plan highlights the importance of focusing on fundamental technology research and original innovation in areas such as artificial intelligence, cloud native, blockchain, privacy computing, and quantum computing. To this end, Shanghai will explore establishing a mechanism led by relevant departments to regularly identify key projects in fintech fundamental theory and core technology, and guide scientific research forces and technology companies to conduct research, aiming to achieve breakthroughs in the fintech field.

To better cultivate a fintech innovation ecosystem, the plan proposes establishing a fintech incubation and acceleration system. Specific measures include:

• Encouraging collaboration between universities, research institutions, laboratories, technology companies, and financial institutions to jointly build fintech incubators, joint innovation bodies, and open innovation centers, providing comprehensive support for fintech entrepreneurs.

• Supporting the establishment of cooperation mechanisms between fintech clusters, technology parks, and incubators, promoting the development and commercialization of early-stage fintech companies, and fostering the improvement and growth of the fintech industry chain.

The release of this action plan signifies Shanghai's commitment to further increasing its investment in the fintech field and actively promoting innovation in fintech. By focusing on fundamental technology research and accelerated incubation, Shanghai aims to create a more vibrant and competitive fintech ecosystem, providing strong support for the construction of a global fintech center.

The key areas and specific measures outlined in the plan demonstrate Shanghai's accurate understanding and forward-looking deployment of fintech development trends. Artificial intelligence, cloud native, blockchain, privacy computing, and quantum computing represent the cutting edge of fintech development and are key drivers of the future transformation of financial service models. By concentrating efforts on conquering key technologies, Shanghai is expected to make breakthroughs in these areas and lead the global fintech development trend.

Furthermore, the plan's emphasis on establishing a fintech incubation and acceleration system reflects Shanghai's value of fintech talent and innovative companies. By building a complete incubation system, Shanghai will provide early-stage fintech companies with better resources and services, accelerating the commercialization of fintech achievements and promoting the implementation of more innovative applications.

It is foreseeable that with the implementation of the "Action Plan for Shanghai to Promote the High-Quality Development of a Global Fintech Center," Shanghai will play a more significant role in the global fintech field and contribute more to global fintech development.