The Global Center for Digital Finance is launched at the 2019 Workshop on Global Digital Finance Development and Governance, which was held in Hangzhou, capital of China's Zhejiang province, on Oct 29. [Photo/zj.zjol.com.cn]

The Global Center for Digital Finance was launched at the 2019 Workshop on Global Digital Finance Development and Governance, which was held in Hangzhou, capital of China's Zhejiang province, on Oct 29.

The workshop was co-hosted by the National Internet Finance Association of China, the World Bank and the government of Hangzhou. 

Li Dongrong, president of the National Internet Finance Association of China, said that his organization would team up with the World Bank to develop the center with the support of the local government, making its own contribution to building a more tolerant, responsible and sustainable global digital finance system. 

Fan Qimiao, an official with the World Bank, said that the growth rate of digital services had been rapid, and new business models, financial products, marketing channels and risks had been generated.

The Global Center for Digital Finance will promote partnerships between developed and developing countries, and help regulators in each country to better understand the full impacts of the digital financial revolution, Fan added.

He went on to say that the World Bank would work closely with the National Internet Finance Association of China to develop the center into an international platform for producing and sharing digital finance expertise. 

With the green light from the People's Bank of China, the Global Center for Digital Finance has been set up as an international-oriented and comprehensive institute co-founded by the National Internet Finance Association of China and the World Bank.

The center aims to develop itself into an open platform sharing digital finance expertise and experience with all countries and provide technical support to boost the development of digital finance in developing countries and emerging markets.