Chongqing Jiangbeizui Fintech Agglomeration Ecology Originally formed

On April 20, the 5th China-Singapore (Chongqing) Connectivity Initiative Financial Summit (CCI-FS) started simultaneously in China’s Chongqing and Singapore. Panel Discussion 2: Exploring New Paradigms in FinTech, Pursuing Innovative Development with International Partners was held at Niccolo Chongqing in Jiangbei District.

Fintech has become the core of competitiveness

“With the deep integration of finance and technology, fintech is no longer independent of the financial industry, but exists throughout the industry,” District Mayor of Jiangbei District People’s Government Tao Shixiang so. “Deeply used in all aspects of the industry, fintech has become the dominant height and core competitiveness of global financial competition.”

Strengthening fintech development and international cooperation can, on the one hand, overcome the obstacles from the industrial side to the financial side, promote the integration of resources from the perspective of the entire industrial chain, and increase the real economy.

On the other hand, it can provide various institutions such as banks, securities and fund companies and other unit companies with integrated solutions for pricing, trading and risk management of financial derivatives, which facilitates the innovative development of the derivatives market.

“We have tried to attract many leading fintech companies to Jiangbei and eventually formed a fintech cluster leading in western China with national influence,” said Tao. “Many key fintech projects and enterprises, such as Chongqing Xiaomi Consumer Finance Co., Ltd. and CCB Fintech Chongqing Branch, have been successively landed in Jiangbei. Chongqing Jiangbeizui Fintech Agglomeration Ecology was originally formed.”

In 2020, the National FinTech Certification Center (Chongqing) was officially established in Jiangbei District. The establishment was initiated by the People’s Bank of China and the State Administration for Market Regulation. It is the first fintech certification institution in China and a critical financial infrastructure to help the Chengdu-Chongqing Economic Circle build the core area of ​​the Western Financial Center.

“In the second half of this year, Jiangbei will hold the Jiangbeizui New Financial Summit, where leading institutions in the new financial industry will be invited to Jiangbeizui,” said Tao, “We hope to further enhance the visibility and influence of Jiangbeizui in the financial industry through these important summits and the forums.

We introduce well-known financial institutions

Walking in Jiangbeizui CBD, one can see row upon row of high-rise buildings. Signs from a number of financial institutions on top of these buildings are particularly eye-catching. Jiangbeizui CBD, called the “Lujiazui of Chongqing”, is the most significant modern service industry cluster, with the financial industry as the core of Chongqing.

Focusing on building the Western Financial Center’s core area, Jiangbei District is continuously gathering financial institutions, functions and talents. The excellent business environment and economic ecosystem make the district preferred by many financial institutions.

Focusing on attracting leading financial institutions, Jiangbei continues to introduce incumbents at home and abroad and continuously brings together traditional leading financial institutions, including banks and insurance companies.

The district makes excellent efforts to teach the headquarters of various licensed new financial institutions engaged in funds, consumer finance, car finance, financial leasing and asset management, and encourages legal entities outside the city to set up branches in Jiangbei.

There is also work to develop cooperation in the international market. The district has actively implemented a pilot project with cross-border investment management and promoted the participation of domestic and foreign investment management institutions in the Qualified Domestic Limited Partnership (QDLP) pilot program.

As four institutions in Jiangbei have been approved for the pilot program, with a foreign investment amount of US$800 million, the district has ranked first in Chongqing in terms of both the number of approved institutions and the amount of foreign investment.

Tao said Jiangbei will next seize the opportunity of the Regional Comprehensive Economic Partnership (RCEP) in the next step. RelyEng on such open platforms as the China-Singapore (Chongqing) Strategic Connectivity Demonstration Initiative, the district will accelerate the establishment of a financial system serving the new international land-sea trade corridor and continue to deepen China-Singapore financial cooperation.