Policy Interpretation | Open Innovation Promotes Development, Fintech Wins the Future: Interpretation and Prospect of Beijing's

On June 29, the People's Government of Xicheng District of Beijing, together with the Beijing Municipal Commission of Science and Technology, the Zhongguancun Science Park Management Committee, the Beijing Local Financial Supervision Administration, and the Beijing Financial Street Service Bureau, held a policy conference for the 2.0 version of the "Ten Golden Rules", officially releasing the "Several Measures to Support the Construction of National Financial Science and Technology Demonstration Zones". The release of version 2.0 of the "Jinke Ten Rules" is conducive to promoting and consolidating the development of Beijing's financial technology, providing strong policy guarantees for improving the level of financial technology services, shaping new driving forces for the development of Jinke New Area with a good innovation ecosystem, and guiding financial technology into a new era of high-quality development.

The content of version 2.0 of "Jinke Ten Rules"

The 2.0 version of the "Jinke Ten Principles" deepens and expands on the policy foundation of the 1.0 version of the "Jinke Ten Principles". This policy was issued by Xicheng District in 2018, and is specially tailored for the national financial technology demonstration zone (referred to as "Jinke New Area"). The 2.0 version further connects closely with the development needs of fintech enterprises and professional service institutions, with a focus on the overall national fintech layout plan, and strengthens the directionality of fintech enterprises. Specifically manifested in:

（1） Optimize the support object to more clearly defined financial technology enterprises, professional service institutions, and spatial carrier operating institutions;

（2） In terms of financial subsidies, the "Jinke Ten Rules" 2.0 version provides support for paid registration fees, consecutive three years of rent, and listing funds. Newly settled fintech institutions can receive a subsidy of 1500 yuan per square meter for purchasing office space, and the subsidy period for renting office space can be up to three years, with a maximum of 50 million yuan. At the same time, financial support for capital increase and the establishment of new subsidiaries has also been supplemented to further promote the operational development of fintech enterprises;

（3） The 2.0 version of "Ten Golden Rules" pays more attention to the innovation of underlying key technologies of FinTech, and provides financial support for FinTech enterprises, financial institutions and scientific research institutes to jointly conduct research on key technologies such as artificial intelligence, Big data, interconnection technology, distributed technology and security technology;

（4） In terms of application scenario demonstration, support the expansion and implementation of fintech application scenarios, and encourage fintech enterprises to carry out innovative activities in key technology applications around areas such as financial services and security supervision;

（5） The 2.0 version of "Jinke Ten Rules" further supports the transformation of innovative regulatory tools and their achievements, encourages enterprises to participate in financial technology innovation regulatory projects, and aims to build a national demonstration highland for financial technology innovation. At the same time, strengthen cooperation with financial management departments to cultivate high-quality fintech projects, assist in applying for innovative regulatory projects, and recommend excellent projects to be included in Beijing's innovation regulatory projects. Promote the transformation of innovative regulatory achievements, support the transformation of tested projects into enterprise development, and provide a maximum settlement reward of 3 million yuan based on the project scale and transformation effect;

（6） The 2.0 version of "Jinke Ten Rules" pays more attention to the listing process of enterprises in the financial technology industry chain, implements the listing policy of Xicheng District, and gives full play to the role of innovative SMEs in listing incubation. For enterprises that have obtained the qualification for listing on the New Third Board and meet the conditions, financial support will be provided, up to 1.5 million yuan. Support enterprises to list on the Beijing Stock Exchange and provide professional counseling, roadshow promotion and other services to improve the efficiency of listing and solve problems in the listing process. Increase the support of listing funds, and provide up to 9 million yuan of financial support for enterprises that are listed on domestic and foreign capital markets for the first time. Provide opportunities for overseas listed companies that choose to return to the domestic market to apply for special funding support;

（7） In terms of incubation carrier construction, the 2.0 version of "Jinke Ten Rules" will build a higher quality industrial carrying space, encourage the creation of financial technology industrial parks or incubation acceleration platforms, make full use of the advantages of Beijing Stock Exchange and the role of Xicheng District's innovative SME listing incubation base, and continue to promote the whole process chain service mechanism of "introduction, cultivation, listing, and market value management", To promote the improvement of quality and efficiency in the industrial chain;

（8） The 2.0 version of "Jinke Ten Rules" focuses more on the development of financial technology talents and provides high-quality service guarantees. This policy strengthens support for high-level talents, considers factors such as the business scale and market position of financial technology institutions, and rewards senior management personnel and core business backbones. At the same time, we will enhance professional talent training services, provide a maximum reward of 1 million yuan for talents who have won various innovative and entrepreneurial talent titles, and provide efficient and high-quality services to support the establishment of financial technology talent services and training platforms. In addition, we will increase talent cultivation efforts, promote vocational qualification certification for financial technology practitioners, strengthen training for financial technology talents, and provide talent protection for the development of regional financial technology.

（9） At the international exchange level, the 2.0 version of the "Jinke Ten Rules" has proposed new measures. This measure provides a settlement award of up to 5 million yuan for international social organizations and international scientific research institutions that set up independent legal institutions in Xicheng District for the first time. In addition, to assist in introducing specialized service institutions for project implementation, a maximum reward of 15 million yuan can be obtained.

（10） The 2.0 version of "Jinke Ten Rules" supports the ecological system of financial technology innovation and development, strengthens top-level design, focuses on core and key issues, builds a complete, efficient, and co built and shared innovation ecosystem, improves professional service levels, and creates a good ecosystem for the financial technology industry in Jinke New Area. Enterprises leading or participating in the formulation of basic technologies, products, processes and technical services, including international standards, national standards, industrial standards and Zhongguancun standards, will be given one-off subsidies of up to 1 million yuan and incentives of up to 1 million yuan in total annual subsidies.

Characteristics of the 2.0 version of "Jinke Ten Rules"

Focus on new technologies, carry out innovation in key core technologies, and fully leverage the empowering role of technology. The 2.0 version of "Jinke Ten Rules" supports cutting-edge technology innovation in Fintech, and provides financial support for projects with strong innovation and significant technological breakthroughs in supporting key technology innovation at the bottom of Fintech, such as artificial intelligence, Big data, interconnection technology, distributed technology, and security technology. Support financial technology innovation, and provide financial rewards for the qualifications of innovation platforms such as major national and Beijing science and technology special projects and key laboratories of national and municipal engineering (technology) research centers.

Strong support for future development directions, such as rewards for listing and scientific research. In terms of listing, we will support enterprises related to the financial technology industry chain with strong innovation ability and rapid growth to enter the resource pool of enterprises to be listed in the Beijing Stock Exchange, and include eligible enterprises in the list of key listing cultivation. Increase financial support for companies related to the financial technology industry chain to go public, and provide financial support for companies that have made initial public offerings in domestic and foreign capital markets. In terms of scientific research, we focus on innovation leadership, guide enterprises to continuously increase research and development investment, and strengthen docking with leading scientific and technological innovation talents such as universities, national research institutes, innovation platforms, and academicians in the region. For example, reward senior management personnel and core business backbone; Enhance professional research talent cultivation services, such as postdoctoral research workstations, financial technology talent training bases, etc; The international scientific research institutions set up in Xicheng District for the first time can receive a maximum reward of 5 million yuan.

Build a development system for the financial technology industry and form a better industrial chain. Expand the scenario, emphasize overall planning, actively build a comprehensive, multi-level, and key support system, serve the construction of the National Financial Management Center, and promote the establishment of the "Beijing Model" for financial regulatory innovation. One is to create an ecosystem, expanding the supply of quality services in terms of business environment, professional services, and standard creation, unleashing the ecological effects of high-quality industries, and actively building an innovative ecosystem with complete functions, efficient systems, and shared construction. The second is the coordination and high integration of urban areas, and the joint issuance of documents with municipal departments to strengthen the implementation of policies, integrate city and district industrial support policies, increase support for the entire growth process, industrial development chain, and service support elements of fintech enterprises, and strengthen the agglomeration guidance effect on fintech enterprises and professional service institutions.

The Impact of the "Jinke Ten Rules" 2.0 Version on Beijing's Financial Technology Industry

As a national center for scientific and technological innovation and the location of national financial regulatory authorities, Beijing's industrial structure is mainly focused on finance, information, and technology, and is accelerating economic transformation. Currently, it has formed five major industrial regional patterns, with "Zhongguancun as a technology and internet hub", "Financial Street as a financial center", "International Trade as professional services", "East Second Ring Road as a central enterprise avenue", and "Yansha as a foreign enterprise cluster", Having good conditions and practical needs for the development of financial technology. At present, the agglomeration and innovation leading effect of the financial technology industry in the capital has been formed, and the demonstration role and influence are also increasing. Outstanding achievements have been made in tackling key technological innovation at the bottom, expanding financial technology application scenarios, and building financial technology exchange brands. The 2.0 version of "Jinke Ten Rules" will continue to create high-quality and characteristic industrial parks in Beijing, driving innovation in underlying key technologies through application scenario validation, promoting deep integration of finance and technology, and promoting the construction of national level financial technology demonstration zones to a new level.

Firstly, the 2.0 version of the "Jinke Ten Rules" will lead Beijing's innovative financial technology, enabling the rapid implementation of new technologies, tracks, and fields in Beijing. The 2.0 version of the "Jinke Ten Rules" introduced this time has been comprehensively optimized on the basis of introducing high-quality enterprises, supporting technological innovation, and continuously cultivating new vitality in the development of the financial technology industry. The support content covers the entire elements and process of enterprise development, including cutting-edge technology research and development, application scenario landing, regulatory tool transformation, enterprise financing services, industrial space construction, high-end talent cultivation, international open cooperation, and promoting industrial agglomeration, It will drive the agglomeration of high-quality financial technology resources and accelerate the release of high-quality spatial carriers.

Secondly, the 2.0 version of the "Jinke Ten Rules" will promote financial technology enterprises to obtain financing and listing opportunities in Beijing, and achieve significant development. The 2.0 version of the "Jinke Ten Rules" builds an industrial development ecosystem, introduces special support policies, strengthens the integration of innovation chain, industry chain, capital chain, and service chain, further creates a superior policy environment, service environment, and business environment, and uses favorable policies and perfect services to help Jinke enterprises grow by leaps and bounds, making Xicheng a hot land for enterprise entrepreneurship and vigorous development.

Thirdly, the 2.0 version of the "Jinke Ten Rules" enables the development achievements of Beijing's financial technology to drive the development of national financial technology. The 2.0 version of "Jinke Ten Rules" can give full play to the two engines of the Beijing Stock Exchange and the global digital economy benchmark city demonstration zone, and build Jinke New Area into a leader in the global financial technology regulatory system, a source of institutional standards, a preferred place for innovative talents, a new highland for research and innovation, a demonstration site for application scenarios, and a growth pole for industrial development. The 2.0 version of "Jinke Ten Rules" enables Xicheng District to continue to build a cluster of globally influential financial technology leading enterprises and a source of international financial technology standards. It plays an important role in building a foothold in Beijing, radiating Beijing Tianjin Hebei, serving the whole China, and going global, and becomes the core and future of leading the innovation of financial technology and professional services in the whole country and the world.