Xicheng District boasts more than 200 financial technology enterprises and professional service institutions, with annual income exceeding 100 billion yuan, showing the huge potential for the development of financial technology, the reporter learned from the relevant government department of Xicheng District recently.

To develop the financial technology industry, Xicheng District unveiled the Beijing FinTech and Professional Service Innovation Demonstration Zone in 2018. The reason why the zone is built between Beijing Financial Street and the Zhongguancun Science Park is because this area has a unique advantage in the development of financial technology. At present, there are more than 1900 financial institutions and 175 headquarters enterprises in the zone, with the total assets of 113.6 trillion yuan.

Since the innovation demonstration zone was unveiled, nearly 100 fintech enterprises and professional service institutions, as well as financial infrastructure have entered there, and some fintech enterprises have been successfully listed on the Science and Technology Innovation Board. Xicheng District works with the People’s Bank of China to steadily promote the construction of Beijing’s fintech innovation supervision pilot. At present, two batches of 17 pilot projects have been successfully put into the "Fintech Regulatory Sandbox", and some innovative applications have already provided services to users.

In terms of optimizing the business environment, the Xicheng District government has released "Several Measures for Accelerating the Development of Digital Economy in Beijing’s Xicheng District (Trial)" to help the development of financial technology. In the future, Xicheng District will hold higher-level, larger-scale and more open global fintech summit, as well as global-oriented fintech brand events.