The Lujiazui Financial City in the China Shanghai Pilot Free Trade Zone (Shanghai FTZ) is planning to build a world-class fintech ecosystem.

Five years ago, the city established the Lujiazui Fintech Industrial Park with the goal of making it China's first incubator and accelerator for fintech companies.

A number of companies operating in the park are among the world’s top 100 fin-tech companies and China’s top 50 emerging fin-tech companies.

Ren Kaifeng, deputy director of the Lujiazui management bureau of the Shanghai FTZ, said that the Lujiazui Financial City is working to launch the Lujiazui Fintech Association to integrate and mobilize resources to support innovation and entrepreneurship in the fin-tech sector.

Moving forward, Lujiazui will work to build the fintech ecosystem to world standards and try to attract world-class financial institutes.

The city also plans to develop a public research platform for financial technology and China's first national incubation center for financial technology, as well as a big data regulation platform. It also hopes to hold an international fintech-themed festival to make financial technology a trademark of the city.

The Lujiazui Financial City has already attracted and nurtured a large number of outstanding fintech companies, including branches of the China Construction Bank and the Bank of China, Chinese financial payment giants Alipay and China UnionPay, and the United Bank of Switzerland.

Lujiazui Financial City [Photo/VCG]