Guizhou province unveiled the Inclusive Finance and Technology Joint Lab at Guiyang Free Trade Zone on Sept 21.

Launched by Guiyang Rural and Commercial Bank, Guizhou Yuandong Credit Management Co Ltd and Shanghai Onchain Information and Technology, the lab aims to build an inclusive financial system with the support of big data and artificial intelligence technologies.

Introduced by the United Nations, inclusive finance refers to a system that offers timely, convenient and differentiated financial services at affordable costs to all individuals and businesses, especially to low-income house-holds, rural residents and micro and small businesses.

The lab will gather experts and talents and provide them with a platform to exchange ideas on developing fintech products.

Through recognizing the identity of potential clients, the financial institutions will precisely fund the individuals and micro and small businesses in need. Meanwhile, by integrating the financial products with government subsidiary policies and individual credit system, the inclusive finance will benefit more people and groups.

"Guiyang Free Trade Zone will support the lab with better services and policies to boost the development of inclusive finance," said Zeng Wenping, director of management committee of Guiyang Free Trade Zone.

Unveiling ceremony of Guizhou Inclusive Finance and Technology Joint Lab is held at Guiyang Free Trade Zone on Sept 21. [Photo provided to chinadaily.com.cn]