The Financial Data Port in Shanghai's Pudong New Area was officially launched in an industrial park in Zhangjiang on July 27. 

The launch of the Port is part of the central government's plan to support Pudong’s high-level reform and opening-up and develop the area into a pioneering force in China's socialist modernization. 

It is also part of Pudong's efforts to facilitate Shanghai's digital transformation. 

Relying on the advantages of Pudong's rich financial data and application scenarios, the Port will focus on six major functions: payment, clearance, credit investigation, supervision, security and setting up related standards, all of which will support Shanghai’s goal of becoming an international financial center, a science and innovation hub and a consumption center. 

From an industrial park to a financial data port 

The Financial Data Port will be the result of an upgrade of Pudong-based Shanghai Bank Industrial Park, which opened in 2002. The Park has the highest R&D capacity for financial science and technology, the highest level of financial data and the most concentrated population of fintech talents in China.

At present, the Park is home to all types of financial infrastructure, including a general clearing center, a credit investigation center and an anti-money laundering center of the People's Bank of China, China UnionPay and some data and technology departments in key factor markets in Shanghai.

The Park also has a national financial digital base involving bank card trading, credit investigation, clearing, anti-money laundering, national debt registration and settlement, commodity futures and financial futures trading, and insurance claim settlement.

In addition, all kinds of financial data, such as bank card transaction clearing, RMB payment clearance, RMB cross-border payment, personal and enterprise credit investigation and financial derivatives transaction will be generated in the Park.

Zhangjiang Group started planning to upgrade the bank industrial park and utilizing regional big data resources to drive industrial development several years ago, according to Yuan Tao, chairman of Zhangjiang Group.

Pudong has set newer standards and higher requirements for the construction objectives and positioning of the Port.

The Port will facilitate the expansion of Zhangjiang Science City, bolster the co-development of Lujiazui Financial City and Zhangjiang Science City, and become the main means of empowering the sci-tech and finance industries.

It will quickly gather national R&D institutions, including the national financial science and technology development research center and the R&D center of large financial institutions, guide large financial institutions to build an enabling platform for innovation, open up financial data ecology, and gather small and medium-sized scientific and technological innovation enterprises.

“It is hoped that the original data warehouse will be turned into a data factory, and the data factory would then be built into a data trading market, turning a new page in the digital upgrading of the industry with the help of the Port," Yuan added.

Policy guideline to facilitate Port’s development 

Since last year, Pudong has been promoting high-quality fintech firms to participate in the pilot of Shanghai's financial technology innovation and supervision. Among the first eight innovative application projects, seven were led by leading entities licensed in Pudong. All of the five projects in the second batch were led by Pudong-based enterprises. 

At the opening ceremony, a number of financial science and technology innovation laboratories and pilot projects such as China UnionPay National Engineering Laboratory and the financial science and technology research Institute of Bank of Communications were unveiled. 

Three key projects, including the research center of Haitong Securities, were unveiled at the launch ceremony. Another 11 companies and institutions, such as digital solutions provider H3C and Guotai Junan Securities, also reached agreements with the Port to set up offices or provide technology support.

On the same day, a policy guideline on supporting measures for the Port was also officially released. The policy covers 10 aspects: enterprise agglomeration and development, innovation strategy source, application scenario expansion, innovation application selection, investment and financing services, international exchange and cooperation, talent settlement, talent services, innovation supervision and industry autonomy. These aspects will greatly improve the Port’s business environment and provide favorable policies for enterprises.

According to local authorities, the Port will further improve the industrial chain, speed up the agglomeration of leading enterprise and cultivation of innovative emerging enterprises, and build an industrial cluster with global influence. 

Port eyeing autonomy of financial industry 

The Port will continue improving public support services and promote the autonomy of the industry. 

At the launch ceremony of the Port, a financial sci-tech committee of the Shanghai Pudong New Area Financial Association was established. As a non-profit social organization composed of financial institutions in Pudong, the committee provides an exchange and cooperation platform for financial institutions to develop and realize win-win results. It will also pool resources for the Port. 

The committee has 20 members, including CCB Fintech, BOC Fintech, Alipay, Huawei Technologies, China UnionPay Data, and other industrial leaders. It will help with docking application scenarios, consolidate Pudong's leading position in fintech industry and facilitate the Port’s development. 

Men Qingbing, deputy head of Pudong's financial bureau, said efforts will be made to build an industrial cluster, facilitate the application of more innovation and improve the ecosystem. 

Pudong will set up fintech innovation laboratories, cultivate innovative demonstration scenario application projects, build a high-level fintech exhibition hall and host an international competition promoting financial data innovation and application, with the ultimate goal of making the Port more competitive and influential in the international market.