Fangda assisted the HSBC Group to set up China’s first wholly foreign-owned Fintech company. HSBC Fintech Services (Shanghai) Co., based in Shanghai’s Lingang New Area pilot free trade zone, was set up on September 7, 2020 and officially launched on January 9, 2021. The subsidiary has a registered capital of US$34 million.

The establishment and business operation of HSBC Fintech is the first initiative by a multinational financial group to capitalize on the opportunities presented by China’s fast-growing Fintech sector. HSBC Fintech will offer centralised technology and data services. Its first product is aimed at providing health and wealth protection for employees. HSBC Fintech will also support HSBC Private Banking’s wealth planning division with technological innovation and roll out support to licensed financial institutions within and outside the Group.

Fangda’s highly regarded financial regulatory team advised on all Chinese law aspects of setting up HSBC Fintech, including securing regulatory approval, registration, compliance and advising on internal governance. The Fangda team was led by partners Zhiyi Ren and Lily Yin, and included associates Zoe Shi and Siyu Gao.