Lujiazui, Shanghai's financial hub, aims to use its financial advantages to develop into a global fintech hub and China's fintech demonstration center. [Photo/Pudong Times]

Shanghai's Lujiazui Financial City has ambitions of developing into a global fintech hub and one of China's fintech demonstration centers, according to officials at the Lujiazui management bureau.

The financial city's recent move is to bring in a wholly-owned subsidiary of WorldFirst, one of the three largest British foreign currency exchange companies and one of the fastest-developing fintech companies in Europe.

Lujiazui has already gathered a group of innovative fintech companies, including Alipay, Lujiazui International Financial Asset Exchange (Lufax), CIB Fintech, Internet Everbright, and NetEase Finance.

To attract more fintech companies and better serve them, Lujiazui has built an emerging finance industrial park, which serves as an incubator, accelerator, and exchange platform. Currently, the park has given offline incubation services to 25 companies, and online incubation services to over 100.

Moreover, the area plans to build a fintech comprehensive service platform, improve its fintech innovation ecological environment, and nurture innovative fintech companies.

A fintech cluster, innovation center, risk control center, and exchange and cooperation center will also be established.

The Lujiazui Fintech Development Alliance will be launched to unite talents, capital, markets, and innovative resources into an effective, convenient, and cutting-edge ecosphere for fintech development.

Lujiazui Financial City, part of the China (Shanghai) Pilot Free Trade Zone, has emerged over the past two decades as one of the country's leading financial centers with the most institutions, a complete financial market, and the most active capital movement. It is part of a core area advancing the city's goal of becoming an international financial center.