Global Center for Digital Finance unveiled in Hangzhou

November 23 17:38 2020

The Global Center for Digital Finance is launched at the 2019 Workshop on Global Digital Finance Development and Governance in Hangzhou, capital of China’s Zhejiang province, on Oct 29, 2019. 

The Global Center for Digital Finance (GCDF) co-built by the National Internet Finance Association of China (NIFA) and the World Bank was officially unveiled in Hangzhou, capital of East China’s Zhejiang province, at the 2020 Hangzhou International Talent Exchange and Project Cooperation Conference on Nov 8.

NIFA and the World Bank officially launched the GCDF on October 29, 2019 in China Hangzhou with the approval of the Chinese central bank. It is the World Bank’s only global cooperation project in China.

Li Dongrong, president of the NIFA, said that his organization would work with the World Bank to develop the center with the support of the local government in an effort to build a more tolerant, responsible, and sustainable global digital finance system.

Fan Qimiao, an official at the World Bank, said that the growth rate of digital services had been rapid, and that new business models, financial products, marketing channels, and risks had been generated.

The GCDF will promote partnerships between developed and developing countries and help regulators in each country better understand the full impact of the digital financial revolution, according to Fan.

He went on to say that the World Bank would work closely with the National Internet Finance Association of China to develop the center into an international platform for developing and sharing expertise in digital finance.

The center is expected to serve as a resource for all countries and provide technical support to help boost the development of digital finance in developing countries and emerging markets.

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