At the 2018 SCS Fintech Summit on May 18, Soochow Securities (SCS) and SIP Administrative Committee jointly unveiled the nameplate of SIP Fintech Cluster and signed a memorandum of understanding to establish a financial technology development fund.

As revealed, the cluster will focus on propelling the development of financial services, high-growth fintech businesses and fintech-related culture.
Zheng Gang, chairman of SCS branch Soochow Fintech, said great efforts will be made to lure Shanghai-based financial institutions to set up their technical arms and R&D bases in the cluster.

Concerning cultural development, he said Suzhou's first state-level investor training base and a museum of contemporary art have been planned.