China

Hangzhou Eyes to Produce 10 Globally Known Fintech Firms by 2022

The government of Hangzhou unveiled a plan to build the eastern Chinese city into an international fintech hub by 2030. In the same plan Hangzhou aims to help produce at least 10 globally known fintech firms by 2022.

The Chinese city is perhaps most well-known for being home to household fintech names like Ant Financial.

The plan also highlights a focus into research and development within the following verticals; big data, artificial intelligence, cloud computing, blockchain and cybersecurity. In a previous announcement the government has already committed to investing $US 1.6 billion into a blockchain fund

Hangzhou is far from the only Chinese city with strong fintech ambitions, Hainan has also recently unveiled several key fintech and blockchain initiatives. Much of the Greater Bay area, which was dubbed as China’s Silicon Valley, is also heavily focused on fintech.