(Yicai Global) May 9 -- The Xiong'an New District, President Xi Jinping's signature development area in Hebei province, has welcomed its first fintech firm set up by a bank, the Industrial and Commercial Bank of China, that will use blockchain to facilitate land transfers. 

ICBC's new subsidiary was set up with a registered capital of CNY600 million (USD88.5 million), and its business scope involves the development, consultation and promotion of computer hardware and software, the Beijing-headquartered firm told Yicai Global. 

ICBC's decentralized ledger will help the district's administrative committee to manage land purchases and relocate original residents, the bank added. The lender will later set up a digital finance lab in the area to assist with intelligent construction and advance digitalization.

In 2017, President Xi proposed to set up the national-level new district in order to ease congestion in the region close to Beijing. 

The Xiong'an New District published its first resettlement plan for current residents earlier this month, intending to pay CNY120,000 (USD17,700) for each mu of rural land, equalling 667 square meters, state-backed The Paper reported.

Editor: Emmi Laine