A FINTECH ecosystem has basically taken shape in Futian, as the district maintains great momentum in its financial industry and strengthens the training of young talents in the fintech industry, according to a Shenzhen Special Zone Daily report.

In 2017, Futian launched a series of policies to reduce the operating costs of fintech firms, encourage innovation and enhance talent training and industrial development, making it the first local government in China that has rolled out special policies for the fintech industry.

In the next five years, a total of 500 million yuan (US$75.43 million) is expected to be allocated as special funds to support the fintech industry. By joining hands with the Shenzhen Stock Exchange, Futian launched the first fintech index last June, marking the official listing of the first stock index that reflects the development of China’s fintech industry.

Futian is also working on the training of young talents in the fintech industry. It will provide 1,000 internship positions and encourage enterprises to introduce innovative talents. The first batch of 25 training bases for fintech talents has been established.

In addition, a fintech innovation award, with rewards of up to 6 million yuan, is now set up to galvanize local enterprises to cooperate with research institutes outside of Futian to create new channels for fintech applications. (Zhang Yu)