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HSBC opens first foreign fintech subsidiary in China
Firm aims to scale up bank’s wealth management business
12 Jan 2021 | The Asset

HSBC has opened HSBC Fintech Services (Shanghai) in the Lingang area of the Shanghai Free Trade Zone in mainland China and launched the service’s first solution – a one-stop corporate employee benefits proposition.

As the first fintech subsidiary set up by a foreign financial institution in China, HSBC Fintech will provide centralized technology and data services to HSBC Pinnacle Venture, the bank's mobile financial planning service in China targeting customers outside the branch network, to scale up its wealth management business in the country.

“Fintech has been developing quickly in mainland China in the past few years which has enhanced its overall financial services capabilities,” says Mark Wang, president and chief executive officer of HSBC Bank (China). “We believe technology can help provide better customer services, which can spur growth of the real economy.”