(Yicai Global) June 20 -- Lujiazui Financial City, innovation investor Plug and Play China and the Embankment Square development's management held a signing ceremony for a cooperation agreement to jointly build Lujiazui Fintech Industrial Park today.
The industrial park will be on Binjiang Avenue in Shanghai's Pudong New Area and cover an area of over 2,400 square meters. The complex will be PNP China's financial technology incubation headquarters and will attract fintech firms and technical teams from worldwide to locate in the famous financial district. PNP is an international high-tech investment incubator under the Redwood City, California-based Amidi Group.
Lujiazui Financial City is a core zone to support the building of Shanghai into an international financial hub, so it will secure support from regulators and use blockchain, Big Data and artificial intelligence technologies to develop regulatory technology and promote innovative development of financial businesses based on effective prevention and control of financial risks, Guo Zhiying, deputy chief of Lujiazui Administration, said at the ceremony, adding Lujiazui Financial City will work with bourses in the region to bring in cutting-edge technologies from world-famous research institutes and further connections and cooperation between financial institutions and fintech firms.
The parties will tap their respective advantages to build the industrial park, per the agreement's introduction.
Lujiazui Financial City will introduce to the park application demand and key application scenarios of licensed institutions in the region to support the facility with an optimum fintech ecosystem. Embankment Square will provide fintech firms located within it with overall business ecology support by relying on its smart buildings.
Editor: Ben Armour