Wider financial access in Shanghai

Metropolis moves to quicken approval process, accelerate introduction of new banking and insurance agencies

Shanghai has accelerated the opening-up of the city's banking and insurance industries by increasing the efficiency of regulatory approval for overseas financial institutions looking to settle there.

"When Taiwan-headquartered Cathay United Bank Co Ltd upgraded its branch in Shanghai to a subsidiary last year, we shortened the process of regulatory approval for its business opening from up to three months down to three weeks, without relaxing regulatory requirements," said Zhou Wenjie, a senior official of the China Banking and Insurance Regulatory Commission's (CBIRC) Shanghai Office.