Shanghai is already an influential hub for financial technologies and a fintech ecosystem has come into shape in recent years, a top city official said as the city also pledges more efforts to build up a full ecosystem for various players.

“The development of financial technology is an important linkage for Shanghai to become an international financial hub as well as a sci-tech innovation center,” said Deputy Mayor Xie Dong in the opening speech during the keynote forum of the 2024 INCLUSION·Conference on the Bund.

The three-day conference kicked off on Thursday morning at the Huangpu World Expo Park with exhibition areas offering tech lovers and adventure seekers the chance to try out the latest gadgets and AI solutions.

A wide range of financial institutions have set up fintech subsidiaries and units in Shanghai and it has also become home to many unicorn startups in the fintech field, Xie added.

The city will move steadily towards a pioneering financial technology center by further leveraging advantages in terms of application scenario, financial resources and business environment, she said.

The adoption of the digital yuan, for example, has been extended to cross-border payment for shipping and trade in recent years.

Nearly 40 percent of the companies included in the latest ranking of the top 50 most influential Chinese fintech by Forbes China are Shanghai-based, leading other cities in the nation, and many new scenarios and real-life applications have been launched, Xie added.

The city will also speed up the incubation for startups and offer infrastructure, technology and financial support for startups, and at the same time invite more companies to offer industry specific solutions covering different walks of life.

A series of supportive measures will be put in place to encourage industry associations and alliances to thrive in order to build the city into a leading platform to attract talent and foster international collaboration.

On the talent training and research front, universities and research institutions are stepping up efforts to encourage multi-faceted talent and further unlock industry potential.

Jin Li, president of Fudan University and academician of the Chinese Academy of Sciences, said it’s taken a series of measures to empower science research with artificial intelligence capabilities.

A number of cross-disciplinary research initiatives are also expected to empower innovators in new cross-industry sectors such as smart robotics and advanced manufacturing, biomedical engineering and technology, integrated circuits and nanoelectronic computing, which also serve as an important impetus for Shanghai’s key industries including integrated circuits and biopharmaceuticals.

Forward-looking topics such as the uncertainty of large language models, the accessibility of smart solutions and how to allow AI to benefit underprivileged people were also discussed during the forum.