Shenzhen
Located near Hong Kong, Shenzhen is one of China’s top three financial centers, along with Beijing and Shanghai. It is home to the Shenzhen Stock Exchange and many VCs, PE funds, and tech giants such as Tencent, Huawei, and ZTE. Such favorable positioning combined with particular governmental policies boosted the FinTech industry’s growth. As of 2016, Shenzhen hosted 7 of China’s top 50 FinTech companies.
Governmental Policies
1. The government sets financial innovation awards for financial companies, regulators, and related personnel who greatly contribute to the innovation of financial products and services. There is also a FinTech award (the first one in China) focusing on Blockchain, Digital Currency, Financial Data Utilization, and other related fields.
2. Newly registered companies will receive one-off awards according to their paid-in capital. For example, those with paid-in capital reaching 1 billion yuan can receive a one-off 20 million yuan reward.
3. The government supports qualified financial institutions to buyout companies in other areas by granting special incentives according to transaction volume. Qualified enterprises receive awards and enjoy home purchase and rental support. In addition, pilot programs for foreign equity funds will be implemented.
Top fintech firms in Shenzhen
1. Tenpay
Tenpay is a third-party payment platform owned by Tencent Group. It is committed to providing secure, convenient, and professional online payment services for Internet users and businesses.
2. FUTUNN.COM
Established in Hong Kong in 2012, FUTUNN.COM provides services to investors engaged in trading securities listed on the Hong Kong and US stock exchanges. It also supports the front, middle, and back-office functions of securities companies.
3. Shenzhen JFZ Capital Management
It is an Internet wealth management company that provides wealth management services to HNW individuals.
4. Shenzhen Suishou Technology
The company was established in 2011 and is well-known in China for providing wealth management services. The company owns several mobile applications, such as Feidee and Niuka Credit Card Manager.
5. Shenzhen Wei Zhong Shui Yin
The company uses big data to provide credit investigation and risk control services. It was one of the first companies to receive a license from the Shenzhen Municipal Government to conduct credit investigations for enterprises. It has many patents in technology related to taxation.
6. WeBank
WeBank was granted a license in December 2014 and has since launched several products, including Credit Particles, the WeBank mobile application, and WeCar Credit. These products offer various financial services covering payments, personal credit, and financial management.
7. WeLab
WeLab was founded in Hong Kong in 2013 and began operating in China in 2014. The platform allows users to apply for credit using their mobile phones.
Our cooperation partner in Shenzhen
Hande Finmaker is a pioneering platform focused on developing cutting-edge financial technologies. It brings together leading international R&D experts, prominent bankers, and innovative technologies to deliver technology solutions and consulting services to Chinese financial institutions. Its technology portfolio includes Blockchain, Big Data, Artificial Intelligence, and Virtual Reality solutions that are already being applied in the Chinese financial services industry. Hande Finmaker is a proud founding member of the ChinaLedger Union.
Do you want to expand to China or contact local FinTech companies? Please meet our partner Marquesa and her team. You can message us or follow us on LinkedIn or Twitter.
We support you in starting successfully in Shenzhen.