The rapid development of financial technology at Hengqin New Area was spotlighted at the 8th China (Guangzhou) International Finance Expo held from June 21 to 23.

One of the largest and most influential financial transaction events in the region, the expo was held at the China Import & Export Fair Pazhou Complex. There were 45,000 sq m (11.12 acres) designated for displays and exchanges in five exhibition halls and at 14 themed exhibition areas.

This was the first time for an exclusive area to be set aside for the Guangdong-Hong Kong-Macao Greater Bay Area. The city grouping in the Pearl River Delta, emerging as one of China's regions for coordinated development, is on track to become an international finance center. The development process and planning details were promoted at the fair to demonstrate its broad potential.

China (Guangzhou) International Finance Expo [File photo]

Meanwhile, the importance of the China (Guangdong) Pilot Free Trade Zone (GDFTZ) Hengqin Area in achieving the goal was showcased at another dedicated exhibition area. Exhibits spanned from Hengqin's financial reforms and innovations to deepened financial cooperation with Hong Kong and Macao, and support for Macao's innovative measures and achievements in developing characteristic finance.

Since 2009 the Hengqin finance industry has grown rapidly with a complete catalogue of characteristic businesses under safe and controllable development. There currently are 6,566 financial enterprises clustered in Hengqin with a combined registered capital of 1.05 trillion yuan ($152 billion) alongside a large group of wealth management institutions, which handled more than 2.47 trillion yuan ($359 billion).

Hengqin Smart Financing Industrial Park and eight other organizations and platforms were awarded plaques at the expo. The park has been operational on 20,000 sq m (5 acres) since last October. It services emerging financial scientific and technological industrial clusters involving cloud computing, big data, artificial intelligence, and block chains. Several high-quality financial enterprises and institutions have settled in the park to introduce teaching, research, and other functions.