SIXTY-SEVEN projects in the city were bestowed the Shenzhen Financial Innovation Award, winning prizes amounting to 22.5 million yuan (US$3.52 million) at a meeting held by the Shenzhen Financial Development Advisory Committee on Friday at Shenzhen Civic Center in Futian District.

The award has been given for 15 consecutive years, with over 2,000 participating projects and 180 million yuan in total prize money handed out, which has stimulated the city’s financial innovation vitality and produced various exemplary projects that have been replicated and promoted across the country, Shenzhen Special Zone Daily reported.

During the 2020 competition, 67 projects stood out among 259 entries after three rounds of examinations and evaluations. These submissions focus on the city’s core financial issues such as financial technologies, inclusive financing, supply chain finance, sustainable finance and anti-pandemic finance.

The Shenzhen Office of the China Banking and Insurance Regulatory Commission won first prize in the “Promotion Awards” category for its project organizing banks to offer inclusive financing services like credit services to the city’s small and micro businesses. Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services to meet their needs.

The top “Contribution Awards” prizes were given to five projects of the Shenzhen Branch of Industrial and Commercial Bank of China, including a comprehensive cross-border finance service scheme in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). The Shenzhen Branch of China Construction Bank won the first prize in the “Projects with Distinct Feature Awards” category.

Vice Mayor Ai Xuefeng, who attended the award ceremony, said in the coming years, Shenzhen will take measures to improve cross-border financial services in the GBA, strengthen supervision and administration of private equity regulatory compliance, pilot digital currency electronic payment, and create a sound legal environment for the finance sector, among others. (Xia Yuanjie)