Today, the Shanghai Financial Supervisory Authority issued “Opinions on Promoting the Quality and Efficiency of Technology Finance in the Banking and Insurance Industry in Shanghai”, which launched 17 measures in four areas to promote a virtuous cycle of “technology, industry, and finance” and help build the Shanghai International Science and Technology Innovation Center. The first is to continue to consolidate the foundation of professional services in technology finance. Banks and insurance institutions are encouraged to set up specialized technology finance departments and outlets, delegate approval authority to professional teams, lean on various resources, and train complex employees who understand industry and technology. Encourage lengthening the technology finance business assessment cycle, further clarifying due diligence exemption requirements, and moderately relaxing the risk tolerance for technology loans and new insurance products. Promote the use of artificial intelligence, big data and other technologies, focus on evaluating scientific and technological innovation capabilities, and build exclusive models for technology-based enterprises.

Today, the Shanghai Financial Supervisory Authority issued “Opinions on Promoting the Quality and Efficiency of Technology Finance in the Banking and Insurance Industry in Shanghai”, which launched 17 measures in four areas to promote a virtuous cycle of “technology, industry, and finance” and help build the Shanghai International Science and Technology Innovation Center. The first is to continue to consolidate the foundation of professional services in technology finance. Banks and insurance institutions are encouraged to set up specialized technology finance departments and outlets, delegate approval authority to professional teams, lean on various resources, and train complex employees who understand industry and technology. Encourage lengthening the technology finance business assessment cycle, further clarifying due diligence exemption requirements, and moderately relaxing the risk tolerance for technology loans and new insurance products. Promote the use of artificial intelligence, big data and other technologies, focus on evaluating scientific and technological innovation capabilities, and build exclusive models for technology-based enterprises.