Devott Insights: The Development Road of Shanghai’s Internet Finance – To Seek the Innovation & Breakthrough from Difficulties
Source: Chnsourcing.com.cn View: 246 Date: 2015-06-24

Shanghai, the city marked with “international, metropolis, finance, opening-up, and pragmatic” has gathered numerous excellent talents and enterprises in China. However, it has unexpected performances in vigorous internet wave. It has declined Ali with high profile; and the high cost also hinders the steps of many internet companies. At the 1.0 era of the internet, Shanghai which has numerous populations, advanced economy and excellent internet infrastructure incredibly has not a scaled internet company in platform level, and actually lack of network startups. And even there is no one company from Baidu, Alibaba, Tencent, Jingdong that located in Shanghai. Nowadays, “internet +” and “public entrepreneurship & people’s innovation” have triggered the development wave of the 2.0 era of the internet. Shanghai eventually decides to take action after introspection.

As a traditional financial center, Shanghai aims at “internet + finance”. Since last year, by virtue of its basis and advantages in financial area, and emphasis on the entrepreneurship & innovation of internet finance, Shanghai has successively published many policies to support and encourage the entrepreneurship and innovation in internet area. Take the “The Opinions on Promoting the Health Development of Internet Finance Industry in Shanghai” as an example, it covers many aspects including absorbing high quality projects, establishing industrial fund, introducing & settling relative talents; meanwhile, Paipai Loan, the local Shanghai company also has been awarded as “The Excellent Partner in Financing Services in Shanghai for Middle and Small-Sized Enterprises” by the work group which promotes the development of middle and small-sized enterprises in Shanghai. Xiong Yang, Deputy Secretary of Municipal Party Committee & Mayor of Shanghai inspected BestPay in Jun, 2015, and highly recognized its development in internet financial area, encouraged the company to make more contributions to construct Shanghai International Financial Center. All of these actions have showed the determination of Shanghai to grasp the new opportunities of internet revolution and to make some contributions to the internet finance area.

This post is a personal or group view of Research and Advisory members and don't necessarily represent Devott's positions, strategies or opinions.

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