30 July 2019
Hengqin Introduces Raft of Supply-Chain Finance Development Incentives
Financial institutions in the Hengqin New Area are set to be boosted by a raft of new incentive measures. As announced by the Hengqin New Area Financial Services Bureau, such institutions are to be eligible to apply for a development grant of up to RMB5 million, while the same sum is on offer to any groups or individuals that can demonstrate they are bringing true innovation to the sector.
Detailed in the Supportive Measures of the Hengqin New Area for Promoting the Development of Supply-Chain Finance, the key elements of this new programme include:
- All such measures being open to financial institutions / supply-chain financial service institutions registered and paying taxes in the Hengqin New Area (the Area).
- Locally-registered commercial banks and core enterprises providing supply-chain financial service platforms being eligible for grants of up to RMB5 million if they operate and pay tax within the Area
- Locally registered small-loan companies, financial guarantee companies, financial leasing companies and commercial factoring companies that operate and pay taxes within the Area to receive a sum equivalent to 1% of their paid-in capital (up to a maximum of RMB10 million) provided their status and activities are duly confirmed
- Up to RMB5 million to be made available annually to reward individuals or groups that make outstanding contributions to the development of supply-chain financial products, demonstrate a notably innovative business model or make a major contribution to ensuring the financial industry properly nurtures social and economic development on a local basis
Source: Zhuhai Hengqin New Area Authority