Lujiazui, a financial hub in Shanghai, wants to boost its Internet-based emerging finance sector, with micro-lending being one of its focuses. [Photo/IC]

Lujiazui in Pudong New Area, Shanghai is to become home to a micro-lending company launched by the Bank of Communications, Pudong Times reported on Aug 2.

With registered capital of 200 million yuan ($30 million), the micro-lending company is the first of its kind in Shanghai backed by a bank. It is now dealing with registration procedures.

Another two micro-lending firms with strong backing registered in Lujiazui are Wanda Micro-lending Co and NetEase Micro-lending Co, which have already become an important channel for small and medium-sized firms as well as individuals to gain access to funds.

Lujiazui has proved to be a hub for micro-lending firms, with many of Pudong's 26 such companies located in Lujiazui.

The concentration of micro-lending firms is the direct result of the government introducing a wide range of preferential policies to attract micro-lenders, launched in October 2014.The government also mentioned to build an industrial park for Internet-based emerging finance firms.

Covering an area of more than 100,000 square meters, the park is expected to meet the demands of different emerging finance enterprises and bring in new financial business models, with micro-lending being one of its focuses.