In a strategic move to solidify its position as a crucial hub within the Shanghai International Financial Center and a demonstration area for financial technology (fintech) applications, Shanghai's Huangpu district is gearing up to establish a thriving fintech cluster along the iconic Bund waterfront.

The district recently unveiled an action plan for building a fintech cluster, aiming at accelerating the optimization of policy support to ensure the successful development of the fintech hub. It is committed to exploring additional venues essential for the growth of fintech enterprises, fostering an environment conducive to growing the sector to a massive scale.

Huangpu is extending its support to fintech companies in their pursuit of technological breakthroughs. In optimizing services, the district is leveraging various government-led funds to assist enterprises in their financing and developmental endeavors.

The district plans to allocate at least 500 million yuan ($69.4 million) annually to support the fintech industry. Notably, for leading industry players demonstrating technological innovation and breakthroughs, support ranging from 10 million to 100 million yuan will be granted, positioning Huangpu as a fertile ground for the development of the fintech sector.

Furthermore, Huangpu is committed to fostering industry innovation by supporting the creation of a cutting-edge "2+1" industrial innovation system centered around digital technology and life sciences, with the sci-tech service industry as its backbone.

With these initiatives in place, Huangpu district is poised to emerge as a thriving hub for fintech innovation, paving the way for a dynamic and forward-looking industry landscape in Shanghai.