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China Daily Website

SBI JV for Shanghai FTZ

Updated: 2013-10-11 17:28

Japan's SBI Holdings announced it signed a Memorandum of Understanding with China Lujiazui Development (Group) Co Ltd and New Hope Group to launch an Internet financial services platform in the Shanghai Free Trade Zone.

SBI said the company had obtained enough professional knowledge and experience in Internet financial services in Japan that could be applied in cooperation with Chinese partners' management resources and support from the local government in opening a new financial market in China.

SBI Holdings is a leading global Internet-based financial conglomerate in Asia having created a variety of Internet financial platforms including those for stocks, banks, insurance and foreign currency trading.

Shanghai Lujiazui Development is a large State-owned company directly managed by the Shanghai government and the only comprehensive financial and real estate group that falls under the jurisdiction of the Shanghai government. The New Hope Group, which was established in 1982, is China's largest agribusiness operator. The group is the top shareholder of China Minsheng Banking Corp Ltd, the largest privately owned bank in China. It has been the shareholder of Minsheng Life Insurance Co Ltd since its inception.

The FTZ, formally launched in Sept 29, is expected to serve as a testing ground for China's financial experiments including substantial deregulation in the fields of finance, investment and trade, the convertibility of the yuan and interest rate deregulation.