Chinese Fintech Incubation Zone Officially Begins Operations in Guangdong Province

The Chinese fintech incubation zone located in the Guangdong province has officially started its operations, Chinese news outlet Chinese Software Developer Network (CSDN) reports Dec. 21.

According to the article, the zone — which officially opened Dec. 20 — has a total area of 120 square kilometers and already hosts the headquarters of over 20 companies. The zone and its administration will reportedly offer the companies project financing, office space and policy guidelines, and will overall “promote the transformation and application of technological achievements.”

CSDN notes that the Guangdong financial high-tech 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 begin with fostering pilot projects, and then will move forward in order 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 established to promote innovation and sustain the development of blockchain tech. CSDN mentions the three districts as areas for expanding the use of the technology.

China, which has long been cracking down on cryptocurrency by banning both domestic and foreign exchanges, and even crypto-related social accounts, seems to be heavily investing in blockchain technology. As Cointelegraph reported this week, a media copyright protection alliance has been created in Beijing to provide copyright protection employing blockchain technology.

Also in December, Shenzhen, a major city in the Guangdong Province and home to the first economic special zone in China, announced that it will use blockchain technology for electronic tax invoices.