(Yicai Global) June 19 -- China’s central bank will take a series of measures, including the possible opening of a fintech unit and a data center, to integrate science and technology institutions and resources in Shanghai to help the city grow into a fintech hub, according to a senior official.

Li Wei, director of the bank’s science and technology division, made the remarks at the Lujiazui Forum in Shanghai today without elaborating further on the matter.

The People’s Bank of China attaches great importance to the need to supervise innovation in the field, while promoting fintech’s use, he said. The bank supports Shanghai and other provinces and municipalities to pilot fintech oversight tools.

He suggested that Shanghai should strengthen the construction of a data management platform for transactions in financial markets with the help of big data and blockchain technology during the pilot process. And regulators should improve risk prevention and control through data management.

Shanghai has complete financial elements, a sound system, and a strong scientific research and innovation foundation, the basic conditions to become a global fintech center, Li noted.

The coastal city boasts many banks, securities and insurance dealers, with rich business scenarios. These institutions have a strong willingness to innovate, and local technology companies also have strong technical strength, Li noted, expecting the city to cultivate a group of influential fintech brands and industry leaders.

Editor: Peter Thomas