Chongqing Jiangbeizui Fintech Agglomeration Ecology Initially Formed | District Mayor Interview

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

Fintech has become the core competitiveness

"With deep integration of finance and technology, fintech is no longer independent of the financial industry, but it exists throughout the industry," District Mayor of Jiangbei District People's Government Tao Shixiang said. "Deeply applied in every aspect of the industry, fintech has become the commanding height and core competitiveness in global financial competition."

Tao Shixiang, District Mayor of Jiangbei District People's Government (left), communicated to Vivian Yan, iChongqing reporter (right) about how fintech has become the core competitiveness of the Jangbei District. (Photo/ Jiangbei)

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 whole industrial chain, and boost the real economy. 

On the other hand, it can provide various institutions such as banks, security and fund companies, and other entity enterprises with integrated solutions for pricing, trading, and risk management of financial derivatives, facilitating the innovative development of the derivatives market.

"We have endeavored to attract many leading fintech enterprises to Jiangbei and eventually formed a fintech cluster that is leading in west China with national influence," Tao said. "Many key financial technology 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 has been initially formed."

CBD in Chongqing Jiangbei District. (Photo/Jiangbei District)

In 2020, the National FinTech Certification Center (Chongqing) was officially set up in Jiangbei District. Its 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, at which leading institutions in the new financial industry will be invited to Jiangbeizui," Tao said, "We hope to further enhance the visibility and influence of Jiangbeizui in the financial industry through these important summits and forums.

Introducing well-known financial institutions

Walking in Jiangbeizui CBD, one can see row upon row of high-rise buildings. Signboards of numerous financial institutions on the top of these buildings are particularly eye-catching. Dubbed the "Lujiazui in Chongqing", Jiangbeizui CBD is the most significant modern service industry cluster, with the financial industry as the core in Chongqing.

Focusing on building the Western Financial Center's core area, Jiangbei District continuously gathers financial institutions, functions, and talent. The excellent business environment and financial ecosystem make the district favored by many financial institutions.

With the focus on attracting leading financial institutions, Jiangbei keeps introducing established ones at home and abroad and continuously gathers traditional leading financial institutions, including banks and insurance companies. 

The district puts excellent effort into teaching the headquarters of various licensed new financial institutions engaged in funds, consumer finance, automobile finance, financial leasing, and asset management and encourages legal entities outside the city to set up branches in Jiangbei.

Efforts have also been made to develop cooperation in the international market. The district has actively carried out a pilot project of 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 800 million U.S. dollars, the district has ranked first in Chongqing in terms of both the number of approved institutions and the amount of foreign investment.

Tao said that next, Jiangbei will seize the Regional Comprehensive Economic Partnership (RCEP) opportunity in the next step. Relying on such open platforms as China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity, the district will accelerate establishing a financial system serving the New International Land-Sea Trade Corridor and continue to deepen China-Singapore financial cooperation.