Shanghai Financial Services Office announced the 66 financial projects selected as winners of the 2016 Shanghai Financial Innovation Award on June 28.

The highest prize was awarded to two projects: Shanghai Commercial Paper Exchange's launch of a national commercial paper trading system, and an insurance asset registration and trading platform launched by the Shanghai Insurance Exchange.

Zheng Yang, director of Shanghai Financial Services Office, explained that the two projects stood out among the entries because they filled a gap in China's financial markets and are of great significance to the establishment of a sound market system and the transformation of Shanghai into a global financial center. The 66 winning projects cover a wide range of areas including financial products specially designed for the China (Shanghai) Pilot Free Trade Zone, as well as internet finance, fintech and green finance products.

The Shanghai FTZ branch of the Industrial and Commercial Bank of China was honored for developing an e-commerce smart financial service.

A small loan company affiliated to Dalian-based Wanda Group also won plaudits for launching a credit loan application system enabling 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 service run by tech giant Alibaba's financial arm Ant Financial, won an award for its creation of a facial recognition feature that allows users to confirm their identity online.

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

The Shanghai Financial Innovation Award was first launched in 2010 and is designed 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.