With transformation of user demands, how to serve real economy by relying on finance technology becomes a problem which certified financial institutions including banks have to face. On May 10, Lujiazui Financial City, the core function zone of Shanghai International Finance Center, issued a plan of constructing the optimal financial technology ecosystem to facilitate sound development of financial technology.

　　Bank Set Up Financial Technology Company to Meet New Trend

In the mid of April, Jianxin Financial Technology, a wholly-owned subsidiary of China Construction Bank, was set up in Lujiazui, Shanghai.

Hang Yingwei, principal of Pudong New Area, and deputy secretary general of municipal government of Shanghai, uttered that finance is an important base where Pudong New Area started branding of "Shanghai Service". In the same day, traditional finance speed up transformation to financial technology and intelligent finance, including mobile payment, big data and artificial intelligence, which largely improves efficiency of financial service.

"In communication with industrial institutions, a basic consensus has been concluded that technology fueling finance is an irresistible trend. There are more than 800 certified financial institutions in Lujiazui, which is a solid base for development of financial technology. By contracting ecosystem and gathering enterprises leading in financial technology, Financial City will better serve real economy, Shanghai International Finance Center and construction of Technology Innovation Center", said an executive of Administration of Lujiazui of Shanghai Free Trade Zone.

The background against which financial technology is started in Lujiazui is that, with enhancement of financial supervision and control by the state, Internet finance is parting from barbaric growth. Commercial banks encountering the challenge are increasing investment in financial technology, in addition to cooperating with Internet giants including BAT.

Zhang Zheyu, a research specialist Of Financial Research Center of Bank of Communications, expressed that, seen from annual reports, besides CCB, Ping’An Bank, CMB and Industrial Bank have set up financial technology company in banking industry. "Facing challenge of financial technology, banking industry is not worried and scared, but gradually turning from passive defense into active attack." ”

　　Construct Ecosystem to Provide Application Scenario for Financial Technology

Seen from the circumstances in Lujiazui, besides Internet industry represented by Alipay, certified financial institutions represented by Jianxin financial technology, Industrial Digital Financial Service and Internet Everbright, in addition to a large number of third-party financial institutions such as Wande and Ice Kredit also participate in the field of financial technology.

Though banks have set up their own financial technology company, but it will not do everything well.  The government needs to set up a platform, so as to guide financial institutions to release their demands for technologies and data and to drive innovative development of financial technology field.

An executive of Administration of Lujiazui expressed that, under the guidance of demand, they will work with Bank of China, Ping'An Bank, China UnionPay and Ant Financial Services Group to build an innovative platform for application scenario of financial technology, and to guide financial technology enterprises' cooperation with financial institutions. Major participants in the platform in early stage will be more than ten famous enterprises in banking, security and insurance industries among others, and will include all major financial institutions in Financial City in mid and late stages.

Credit information and risk control are typical application scenarios in financial technology. Ice Kredit based on big data technology and headquartered in Lujiazui mainly provide risk control services for credit transactions. In nearly three years following setup, it has financed funds of 315,000,000 Yuan. Gu Lingyun, founder of Ice Kredit, expressed that, they will increase investment in research and development in future to introduce better enterprise credit products.

　　Combination Blow to Assist Enterprise in Evolving toward Pioneers

Building innovative platform for application scenario is part of the latest plan of Financial City. Aiming at the optimal financial technology ecosystem, Financial City will make combination blow:

- Plan financial technology industry base. A financial technology collection center in scale of more than 40,000 sq. meters will be constructed in Financial City of Lujiazui to build up an integral financial technology industry chain.

- Set up joint laboratory for financial technology. Development of financial technology will need massive computation, storage and data resources. Administration of Lujiazui will work with certified financial institutions and Internet companies to build up public research and development platform such as joint laboratory, to reduce operation cost of financial technology enterprises with resource exchange, group purchase and subsidy.

- Carry out international cooperation and promotion. Lujiazui will strengthen cooperation with international famous financial centers to promote international exchange and cross-border investment in financial technology field and drive external opening of financial service industry and actively import international famous financial technology enterprises.

Administration of Lujiazui expressed that, most of these services will be provided by relevant main market players while just a small part of them be borne by the government. These services, which cover the full lifetime of enterprise, will cultivate more pioneers in financial technology.