A total of 58 financial projects were unveiled as the soon-to-be winners of the 2016 Shanghai Financial Innovation Award given by the city's financial service office on March 27.

The projects cover a wide range of areas including financial products specially designed for China (Shanghai) Pilot Free Trade Zone (Shanghai FTZ), as well as products concerned with internet finance, financial technology, and green finance.

For instance, Shanghai FTZ branch of Industrial and Commercial Bank of China developed an e-commerce smart financial service.

Furthermore, a small loan company affiliated to Dalian-based Wanda Group launched a credit loan application for consumers to receive loans in a swift and straightforward manner. The maximum loan made available by the scheme is 50,000 yuan ($7270).

Alipay, the e-wallet run by e-commerce giant Alibaba's financial arm Ant Financial, provided a facial recognition feature that allows users to confirm their identity online.

The BRICS New Development Bank issued a 3 billion yuan green financial bond in July 2016, which was the first of its kind issued by a China-based international financial institution.

Projects launched by banking and insurance institutions formed a large proportion of those placed on the list with 16 created by banking institutions and 11 by insurance firms.

The Shanghai Financial Innovation Award, which was first launched in 2011, is expected to encourage local financial institutions to pursue innovative measures and schemes to boost the development of the city's financial sector.

It is also considered a significant step to create a better financial environment and to help Shanghai attain its goal of becoming an international financial center.