Financial high-tech area: World-class back office services

Following the operation of the data center of Fujitsu Technology Corp, a handful of financial facilities including American International Assurance's Asia-Pacific finance center will soon become operational in Guangdong High Tech Service Zone for Financial Institutions.

The new $29.5 million Fujitsu facility, which became operational recently, is the company's first world-class data center in China.

Official statistics indicate the zone secured 29 financial projects in the first three quarters of the year with registered capital and investment adding up to 9.87 billion yuan ($1.6 billion).

Other 40-odd projects are in reserve.

Ninety-six projects had settled in the zone by the end of September with registered total capital and investment of about 27 billion yuan.

Of them, 15 are related to back-office and service outsourcing, seven are in banking, four are insurance firms, four are in securities, 64 work in private equity and venture capital and two are in financing and leasing.

Located in Foshan's Nanhai district, the zone was founded in 2007 when Li Yiwei, municipal Party secretary of Foshan, served as Party secretary of the city's Nanhai district.

Foshan Mayor Liu Yuelun praised the zone's latest achievement during a recent visit, noting the proven feasibility of integrating back office services with industrial finance.

Liu said that the city will leverage on all its financial resources for the development of the zone to support its endeavors to become a State-level experimental zone for industrial finance and to work on important innovations in the capital market.

zhanlisheng@chinadaily.com.cn

(China Daily 11/09/2012 page24)