Shanghai aims for global fintech center in 5 yrs

SHANGHAI -- Shanghai aims to become a globally competitive financial technology (Fintech) center in five years, according to a guideline issued Wednesday.

Shanghai authorities will enhance research and development in areas such as big data, artificial intelligence, blockchain, cloud computing, 5G and quantum computing, the guideline said.

The municipality will cultivate about 20 leading fintech companies with international recognition, and launch about 50 innovative projects. They will also unify supervising standards on fintech across the Yangtze River Delta, according to the guideline.

"The guideline proposed 25 measures, which will create a good environment for the industry," said local finance supervising official Zhao Wanbing.