(Yicai Global) July 23 -- Rapid technological development has transformed the Chinese cities of Shanghai, Hangzhou and Shenzhen into innovation hubs for financial technology on a par with London, New York and Silicon Valley, according to a senior UK trade official.

Shenzhen has become a leading fintech center not just for China, but the world, said David Bartlett, head of financial and professional services at the UK's international trade department. Dubbed 'China's Silicon Valley,' the city is home to some of the largest and most innovative firms, Bartlett added in a speech he delivered at the China Europe International Business School's London Forum on July 19.

Located next to Hong Kong, Shenzhen is home to Tencent Holdings, Huawei Technologies, ZTE and a host of other tech heavyweights, and offers fertile ground for their growth, Bartlett said. But it is also increasingly a magnet for investment from foreign multinationals and tech startups thanks to the city's large, highly skilled workforce, strong digital connectivity and educational powerhouses, he added.

The UK and China should further bolster their bond with a shared vision of cooperation, Bartlett said.

Over GBP1 billion (USD1.3 billion) poured into UK-based fintech firms last year, much more than anywhere else in Europe, Bartlett said. London's position as a leading financial hub provides not only ample demand for innovative fintech solutions from traditional players, but also large sums of capital from startups and established fintech companies across the country.

Editor: Ben Armour