The planning design of the fintech town in Binjiang district of Hangzhou, Zhejiang province [Photo/hangzhou.com.cn]

Binjiang district in Hangzhou, Zhejiang province is set to build a new fintech town, as part of efforts to make the city a national leader for the fintech industry, local media reported on Nov 6.

Located in the heart of Binjiang district, the new town, covering an area of 4.4 square kilometers, is designed to be a center of the fintech industry in Hangzhou with a cluster of industrial giants, top-class fintech research institutions, and young companies trying to make their way in the fintech industry.

With the competitive advantages in capital, technical and talent resources, Binjiang district has attracted an array of fintech companies in the areas of big data, cloud computing, artificial intelligence and blockchain.

It is estimated that by 2020, the total amount of fintech companies settling in the town will reach over 100 and be collectively worth over 20 billion yuan ($2.88 billion).

Home to China's financial giants including Alibaba, Ant Financial and NetEase, Hangzhou is at the heart of China's finance technology industry and among the widely covered in terms of the fintech consumer experience, with about 91.5 percent of the city's population using fintech products and services, according to the Global Fintech Hub Index 2018.

In 2017, the added value of Hangzhou's financial industry reached 105.4 billion yuan, ranking 7th nationwide and accounting for 8.4 percent of the city's GDP.

An aerial sketch of the night scene of the fintech town in Binjiang district of Hangzhou, Zhejiang province [Photo/hangzhou.com.cn]