Shanghai is pushing forward with the digital and intelligent transformation of its financial technology sector, as outlined in a new policy plan.

According to the Office of the Shanghai Municipal Commission of Economy and Informatization, the city's "15th Five-Year Plan" for the software and information services industry calls for the creation of an AI-powered financial product matrix. This includes focusing on core business scenarios in the financial sector to develop large language models specifically for finance, as well as innovative products like AI-powered robo-advisors and AI-driven compliance and risk control systems. The goal is to build an integrated capability chain covering "decision-making, trading, risk control, and management."

The plan also emphasizes expanding new financial application scenarios. It specifically promotes the innovative use of the digital yuan, or e-CNY, in areas such as the metaverse and supply chain finance. By leveraging technologies like smart contracts and blockchain, the initiative aims to explore the digital fractionalization, standardized circulation, and compliant trading of real-world assets (RWA). The ultimate objective is to establish a secure, controllable, traceable, efficient, and convenient payment and settlement system.

Furthermore, the policy seeks to enhance the digital and intelligent experience of financial services. This will be achieved by developing lightweight and agile financial products such as on-demand insurance, buy-now-pay-later services, and dynamic credit lines. The plan is to popularize a new, seamless, and real-time financial consumption experience.