Guangzhou’s Nansha District officially launced the Pearl Financial Innovation Center (明珠金融创新集聚区) on July 22, aiming to build it into a financial hub in the region. A total of 28 financial projects were signed while 9 financial innovation platforms were established during the launching ceremony.

Covering an area of 33 thousand square meters, the center is located on the Lingshan Island of Pearl Bay Area with the first batch of 44 international financial enterprises settled in. Enterprises in the center can enjoy up to 3 years of rent-free privileges, as well as multiple financial incentives offered by the provincial and municipal governments.

The 28 projects signed at the ceremony involve major financial institutions and platforms, covering the fields of Guangdong, Hong Kong, Macao and international financial cooperation, fintech and financial leasing. While the 9 financial platforms established at the same day are expected to optimize the district’s financial services.

According to the agreement, Plug and Play (PNP), an international?industry-focused accelerator, will build China’s first Fintech Industrial Innovation Center in Nansha. Qian Weizu, PNP Senior Vice-President of China, said that the PNP project will help local enterprises to connect with cutting-edge science and innovation projects overseas and explore opportunities for collaboration, landing and investment in China or abroad.

Chen Wanqing, Deputy Director of the Finance Bureau of Nansha Development Zone, said the bureau is promoting policies for companies’ entry management. Eligible financial institutions such as green finance, financial technology, private equity funds, and commercial factoring can submit application materials to the bureau for admission.

Thus far, more than 6,600 financial enterprises have setted in Nansha, among which 2659 are Hong Kong and Macao-funded. The district has supported more that 110 finiancial intitutions, 30 thousand financial professionals and released about 4 billion yuan in subsidies over the past 5 years.

Author: Natalie(intern)

Editor: Jasmine