Fangda Partners acted as sole legal counsel when HSBC Group opened China’s first wholly foreign-owned fintech company, HSBC Fintech Services (Shanghai), on 9 January.
Partner
Fangda Partners
The company, based in Lingang New Area of the Shanghai Free Trade Zone, will offer technology and data services for the bank’s mobile-based financial planning offering, HSBC Pinnacle Venture.
China’s fintech market has been growing fast, and the introduction of regulations on online microfinance business and internet loans last year has made companies reconsider the risks.
Ren Zhiyi, a partner in Fangda’s Shanghai office, told China Business Law Journal that he was optimistic about the overall regulatory environment in the industry, but “there should be a distinction between the concept of fintech and internet financing, and fintech shouldn’t be simply equated with the peer-to-peer (P2P) model and equity crowdfunding”.
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