The China (Jiangsu) Pilot Free Trade Zone Suzhou Area, the free trade zone established in SIP in 2019, aims to develop into a “model in financial opening-up and innovation in Suzhou”. Recently, the administrative committees of SIP and the FTZ jointly granted the “Financial Innovation” awards to 24 financial institutions and related organizations in the FTZ. Seven of the recipients garnered the Financial Opening-up and Innovation Award, six received the Fintech Innovation Award, eight received the Award for Innovative Financial Services for Real Economy, and three received the Financial Environment Innovation Award. Highlights Financial service suppliers flocking into SIP SIPis now home to about 1,200 organizations dedicated to financial services indifferent categories.SandlakeFund Town, a financial service cluster in SIP, recently made the “ChineseVenture 2020-2021 List of Industrial Investments in China” as one of the “BestFund Towns in China”. With best-in-class facilities and services for financialservice organizations, it has gathered 236 investment management teams andseven credit financing organizations. SIPPeople’s Court has established a branch and a digital platform specializing indealing with disputes in the financial sector.    [MORE] Financial services drive development of real economy Innovative financial services are playing a big partin driving the development of real economy in SIP.SIP-basedSuzhou Yuanlian Investment Fund Management Co Ltd and Suzhou Yuanfeng Capitaljointly established China’s first infrastructure investment fund to givebiotech companies a helping hand in raising money for facility construction inSIP. TheSuzhou branch of the Bank of Ningbo offers the “Tech Innovation Loan” forenterprises engaged in emerging industries such as biomedicine, AI, nanotechand chip manufacturing. A total of 80 tech companies in SIP have received loanstotaling RMB350 million... [MORE] SFIC provides excellent services for fintech development SuzhouFintech Innovation Center (SFIC), jointly founded by SIP AdministrativeCommittee and Bank of Suzhou in SIP months ago, has made remarkable outcomes indriving financial technology innovation in SIP.Withthe support of SFIC, the Su-Pay mobile payment system was developed, allowingJapanese and South Korean tourists who come to Suzhou for short trips to openan e-account which they can top up with Chinese yuan or bind overseas bankcards or Chinese mobile payment apps for payment during their stay.Onthe other hand, the SFIC has built eight joint laboratories in collaborationwith over 10 enterpr... [MORE] Innovative financial services facilitate businesses TheFinancial Opening-up and Innovation Award went to the financial institutionswith remarkable contributions to trade facilitation, industrial innovation andtalent services.Lastyear, SIP launched the Phase 1 Intellectual Property Asset Supporting Plan,blazing a trail nationwide in securitizing IP rights to help biomedicinecompanies raise funds based on their patents. SumitomoMitsui Banking Corporation’s branch in SIP has developed a comprehensivesolution for foreign exchange settlement to help facilitate trade in the FTZ,while the branch of the Bank of China in SIP launched a cross-border RMB... [MORE]