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Lin-gang Special Area welcomes fintech company

en.lgxc.gov.cn| Updated: Dec 1, 2020 L M S

BoCom Fintech Co Ltd held an opening ceremony in the Lin-gang Special Area of the China (Shanghai) Pilot Free Trade Zone on Nov 27, marking its entry as the first fintech company in the area.

The company signed a cooperation agreement with the Lin-gang Special Area Administration at the ceremony, to promote the construction of a fintech innovation pilot port in Lin-gang.

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The newly arrived company is welcomed by Chen Yin, director of the Lin-gang Special Area Administration and Liu Jun, president of the Bank of Communications on Nov 27. [Photo/WeChat account: shlgguanweihui]

Local officials said BoCom, the only central financial enterprise headquartered in Shanghai, has worked closely with the Lin-gang Special Area Administration, introducing a series of practical initiatives and innovative businesses practices since the establishment of the Lin-gang Special Area.

They said it has set up branches in the area -- BoCom International (Shanghai) Scientific and Innovation Investment Management Co Ltd and a number of financial leasing SPV companies.

Officials said the Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission and the Shanghai Municipal Government issued 30 suggestions on further accelerating the construction of the Shanghai international financial center and financial support for the integrated development of the Yangtze River Delta.

They added that BoCom subsequently implemented them and took the lead in the implementation of the first cross-border transfers of domestic trade financing assets and the resale of bonded warehouse receipts for bulk commodities.

BoCom established an offshore financial business center in the Lin-gang Special Area on June 16 and then joined others to settle in Dishui Lake Financial Bay in August.

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BoCom Fintech Co Ltd signs a cooperation agreement with the Lin-gang Special Area Administration on Nov 27. [Photo/WeChat account: shlgguanweihui]

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