Shanghai – world's second fintech centre

Shanghai on the planet Fintech podium

At the Fintech global Forum in Shanghai, it was published "Global index for the improvement of fintech centres (2025)", which, on the basis of nonsubjective data from 22 cities, assesses the improvement of the sector in 5 dimensions: industry, technology, talent, institutions and the environment. Results show that Shanghai advanced to second place in the world, just behind fresh York, before Beijing (3.) and San Francisco (4.). This is the first time a Chinese city has been on the podium of a planet ranking.

The structure of global fintech centres takes the form of 4+4+8+6:

• Highest Level: fresh York, Shanghai, Beijing, San Francisco
• Second level: London, Paris, ShenzhenSingapore
• Third level: Tokyo, Hong KongSeoul, Los Angeles, HangzhouBoston, Chicago
• Fourth level: Six cities with expanding potential

Shanghai improvement model

Shanghai uses 3 key assets:

• a strong financial ecosystem,
• Deep integration of finance and technology,
• scalable application scenarios.

The city leads globally in 3 areas:

• personal management of AI-based assets,
• digital loans to SMEs,
• cross-border payments in yuan (RMB).

In 2024 the value of the fintech sector in Shanghai reached RMB 440.5 billion, with Liquid growth of R&D investments, especially in sectors securities and insurance technologies.

Four paths of improvement of fintech centers

The study distinguishes 4 models:

1. Financial infrastructure (New York, London),
2. Technological innovation (San Francisco),
3. Deep application scenarios (Shanghai, Shenzhen),
4. Cross-border position (Hong Kong, Singapore).

Chinese centres – especially Shanghai – choose the 3rd path, focusing on practical mass commercialisation of AI in financial services.

New structure of global competition: USA vs. China

Report predicts moving distant from bipolar competition to two clear systems:

• USA: Model dicore –
  • San Francisco – technological innovation,
  • New York – financial applications.
• China: Model four-level (from 2026 to 2028):
  • Beijing – technology regulation,
  • Shanghai – the main battlefield of fintech,
  • Shenzhen – hardware and industrial base,
  • Hangzhou – net finance based on AI.

This structure is meant to be Chinese consequence to American Advantage in chips, cloud and language models.

Key Window: 2025–2027

The investigation squad warns that next 3 years will be decisive:

• USA launched a ‘double circulation’ (technology + finance) in 2024-2025,
• China will enter a key phase in 2026–2028,
• Period 2025-2027 This ‘critical window’ – the time difference in implementation can find global dominance.

Additionally, it is expected that after 2026 competition will shift from AI to application efficiency. Chinese approach – lightweight models, fast integration, low costs – can become a global standard. AI penetration in financial services is expected to increase from 25% to 45% by 2030.

Source:

1. 21st Century Business Herald – Shanghai rank 2nd globally in fintech development, https://m.21jingji.com/article/20251201/herald/3b2b3fb490c13d776ba096bc2571ed.html
2. Shanghai Fintech manufacture Association – Global Fintech Hub improvement Index (2025), December 2025
3. McKinsey & Company – The Future of Global Fintech: Asia’s Ascent, November 2025, https://www.mckinsey.com/industries/financial-services/our-insights
4. World economical Forum – Fintech Government and Innovation Ecosystems, October 2025, https://www.weforum.org/reports/fintech-ecosystems-2025

Author: 梁安基 Andrzej Z. Liang, 上海 Shanghai, 中国 China

Email: [email protected]

Editorial: Leszek B.

Email: [email protected]

© www.chiny24.com