Twenty-nine Fortune Global 500 banking institutions and enterprises to attend China’s services trade fair 2021 CIFTIS

Visitors try virtual reality devices at the 2020 China International Fair for Trade in Services, Sept. 9, 2020. (Photo by Du Jianpo/People’s Daily Online)

A total of 143 Chinese and foreign financial institutions, including 29 leading banking institutions and renowned financial service providers on the Fortune Global 500 list, will participate in the thematic exhibition on financial services of the 2021 China International Fair for Trade in Services (CIFTIS), which is slated to be held at Shougang Park in Shijingshan district in Beijing from Sept. 3 to 7.


Among the 143 banking entities, there are 59 overseas financial service providers from 18 countries and regions, including Societe Generale, Mitsubishi UFJ Financial Group, Bank of Montreal, Morgan Stanley, Mastercard, Society for Worldwide Interbank Financial Telecommunication (SWIFT), DBS Bank, Hana Bank, Mizuho Bank, and Ueda Yagi Tanshi Co., Ltd.


This year, overseas financial institutions accounts for 41.2 percent of the total participants in the thematic exhibition on financial services.


The thematic exhibition on financial services, whose theme is “Green Beijing, Open Finance” this year, covers an area of over 17,000 square meters and is subdivided into eight exhibition areas for headquarters finance, international finance, finance in two zones (a national integrated demonstration zone for greater openness in the service sector and China (Beijing) Pilot Free Trade Zone), digital finance demonstration zones, financial services for science and technology innovation, green finance, wealth management, and comprehensive financial services.


Morgan Stanley, a global leader in financial services that has operated in the Chinese market for 27 years, exhibited its development achievements made in China over the years at the CIFTIS last year. “We couldn’t have made such development achievements without China’s efforts to continuously open its financial market wider,” said Dong Gang, chairman of the board of directors at Morgan Stanley Bank International (China) Limited, adding that Morgan Stanley will continue to support and participate in the CIFTIS this year.


Ueda Yagi Money Broking (China) Co., Ltd., which was inaugurated in Beijing in July, is the first wholly foreign-owned money broker in China.


Last year, a group established for making preparations for the establishment of the money broking company, a subsidiary of Ueda Yagi Tanshi Co., Ltd., attended the CIFTIS, according to Huang Hong, president of Ueda Yagi Money Broking (China) Co., Ltd.


Now that the company has settled in the Beijing Municipal Administrative Center, it has been invited to share its stories during an activity for attracting foreign financial institutions at this year’s CIFTIS, Huang added.


A digital finance carnival, a highlight of the thematic exhibition on financial services of this year’s CIFTIS, is expected to impress visitors with digital finance demonstration zones, fintech competitions, robo-advisor platforms, digital RMB avenue and various activities, aiming to bring them closer to the recent advances in digital finance in scenarios that are closely related to their daily life.


At the digital RMB avenue, visitors can see how convenient it is to shop and pay in diversified consumption scenarios, including cultural and creative product stores, unmanned supermarkets, mobile convenience stores and stores selling handcrafts, books and products of time-honored brands, thus gaining a better understanding of digital RMB.


Beijing has endeavored to make this year’s CIFTIS more interesting, interactive, and visitor-friendly, said Wang Ying, deputy head of the Beijing Local Financial Supervision and Administration.


Besides exhibitions, many forums and summits on financial services will also be held at the CIFTIS, including the China International Finance Annual Forum 2021, China International Fintech Forum 2021, and China Capital Market Forum 2021, during which guests from all over the world will conduct dialogues on the frontiers of finance.


This year’s CIFTIS will also include activities for the signing of major cooperation projects and the releasing of achievements in the financial sector. By holding targeted matchmaking activities for financial service providers and seekers, the event will facilitate cooperation and speed up the commercialization of achievements in financial services.


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