9 October, Shenzhen-Shenzhen government is to award 6 million Yuan to Blockchain projects to build an international financial city.

According to a report by the Securities Daily, the document was issued on October 9, 2017, consisting of five major items or a total of 33 articles. Shenzhen Municipal People’s Government says that this is to further improve policy support for financial technology, to attract high-quality financial resources, promote sustainable and balanced development of the city’s financial industry, and to accelerate the construction of international financial innovation center.

The five general principles are:

1. Insist on Service-oriented to simplify financial policy

2. Develop headquarter economy and help financial headquarters to grow bigger and stronger;

3. Support branches of financial enterprises and encourage the development of fine;

4. Standardize new financial business modes and cultivate multiple levels of financial markets.

5. Introduce innovative financial institutions and improve corresponding financial support system.

It is noteworthy that the incentive role of “Financial Innovation Award and Financial Technology is mentioned in the document. It’s said that the annual award would be credited to financial enterprises, financial regulators and relevant personnel. The total amount of the award is no more than 19.5 million yuan each year. A fintech special award is set up to reward outstanding projects in blockchain, digital currency, financial big data etc. The annual amount of the Fintech award is less than 6 million yuan a year.

It is understood that the Fintech Award is the first of such kind in China. Since the first “Financial Innovation Award” Shenzhen in 2005, over 2000 projects have applied for the award and claimed more than 1 Billion yuan in total. Such measure has greatly stimulated the vitality of financial innovation in Shenzhen. In view of the achievement, the total number of financial innovation awards increased from 38 to 52 and the total annual up from 11.5 million yuan to a maximum of 19.5 million yuan a year.

The document also makes it clear that the measures will be effective until December 31, 2021 only. If the relevant provisions are inconsistent with this measure after the issuance of this measure, the measures shall prevail.

Shenzhen is the world’s center for electronics. By setting up an award for finance technology, especially for blockchain projects, the city is eyeing on tapping the potential of fintech and determine to take the lead again in the world.