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shenzhen issued the measures on boosting the financial industry, with 33 measures in five categories, to improve its policy system for offering support to the financial industry, attracting quality financial resources, boosting the sustainable and balanced development of its financial industry, and speeding up its objective of becoming an international financial and innovative center.
the measures state that the “financial innovation award” and “fintech award” should be used to award financial companies and regulators, as well as individual, who make substantial achievements in financial products and innovative services each year, with total subsidies within rmb 19.5 million each year. the annual subsidy for excellency in blockchain, digital currency and application of financial “big data” is restricted to rmb 6 million.
shenzhen became the first chinese city to set up a fintech award. the city is home to some well-known fintech companies, such as webank and lexin. as a counter-less, branch-less internet bank , webank is rapidly growing through the technical advantages of its major shareholder tencent, while lexin works to explore fintech’s application in all parts of consumption finance. lexin has developed several fintech technology platforms for the cutting-edge intelligent finance space which have been widely applied in e-commerce platforms’ recommendations, risk control and intelligent asset management. industry insiders believe these businesses will be among the first to benefit from the fintech award.
