Fintech Incubation Zone Starts Functioning in China’s Guangdong Province

The Chinese fintech nurture zone situated in the Guangdong area has formally begun its activities, Chinese media outlet Chinese Software Developer Network (CSDN) revealed December 21.

As indicated by the article, the zone — which authoritatively opened Dec. 20 — has an aggregate territory of 120 square kilometers and as of now has the headoffice of more than 20 organizations.

The zone and its organization will apparently offer the organizations venture financing, office space and approach rules, and will generally “promote the transformation and application of technological achievements.”

CSDN takes note of that the Guangdong fintech zone will “focus on the major needs and major pain points of the financial [industries] encouraging blockchain and other technologies in finance, manufacturing, trade.” The zone will start with nurturing pilot undertakings, and after that will push ahead so as to “culvative a group of blockchain financial technology enterprises and innovation teams.”

In November, the “Guangdong, Hong Kong, and Macao Dawan District Blockchain Alliance” had been set up to advance innovation and support the improvement of blockchain tech. CSDN makes reference to the three provinces as regions for extending the utilization of the innovation.

China, which has for some time been taking action against cryptographic money by forbidding both local and overseas exchanges, and even crypto-related social accounts, is by all means intensely putting resources into blockchain innovation. A media copyright safeguard alliance has been established in Beijing to give copyright protection utilizing blockchain innovation.

Likewise in December, Shenzhen, a noteworthy city in the Guangdong Province and home to the principal economic special zone in China, declared that it will utilize blockchain innovation for electronic tax bills.