The Global Fintech Application Scenarios Competition launched in Beijing on July 29. The competition was held in parallel with Zhongguancun's annual solicitation of funds for demonstration fintech application projects. In accordance with Beijing's three-year action plan for building a national fintech demonstration zone, the competition aims to push for technological breakthroughs and to propel world-leading fintech applications in the fields of banking technology, smart payments, clearing and settlements, financial and insurance markets, and smart investment advisories, to name a few. Licensed financial institutions were invited to provide fintech application scenarios for the competition. Meanwhile, participating enterprises will leverage their talent strengths and transfer tech innovations into commercial use. Ten of the best projects will be selected to hold roadshows at the 2021 Annual Conference of Financial Street Forum. Yuan Wen, executive deputy director of the Administrative Commission of Zhongguancun Science Park in Xicheng district, said that the district has rolled out a set of services for business projects that will be added to the national fintech demonstration zone. This includes rental assistance, supporting facilities for self-innovation, and favorable talent policies. The demonstration zone also plans to provide some 100,000 square meters of high-quality resources for fintech companies. A set of qualified demonstration application scenarios will soon be released by the Administration Commission of Zhongguancun Science Park. Fintech companies will be able to apply for cooperation with relevant financial institutions accordingly. Over the years, Beijing's Xicheng and Haidian districts have been working to establish national fintech demonstration zones. Three projects introduced to the zones this year, including the China Financial Certification Authority, have been listed as representative projects for Beijing's construction of its "two zones."
CNY - Chinese Yuan Renminbi