Chengdu Proposes China's First Classification Criteria for Fintech Enterprises
On April 1, 2019, Chengdu officially released Several Policy Measures to Support the Innovation and Development of the Fintech Industry. The document proposes China's first classification criteria for fintech enterprises. It highlights the rewards for technological innovation and application: A fintech enterprise classified as Chengdu's key technology introduction, with leading technology role, industry-driven capacity and internationally competitiveness will enjoy "case by case policy" in settlement reward. A fintech R&D institution led by Nobel Prize winner, Turing Award winner, academician from Chinese Academy of Sciences, or academician from Chinese Academy of Engineering, or one in cooperation with important financial institution(s) in the global system can receive up to 50 million yuan of project funding, with a funding period no longer than 5 years and an annual fund of no more than 10 million yuan. An institution that leads the establishment of relevant international standards and national standards for fintech key algorithms, core logic, basic technologies, etc., may receive technical awards of up to ten million yuan and five million yuan respectively. Institutions involved in the formulation of relevant international standards and national standards can receive technical rewards of up to two million yuan and one million yuan respectively.