The busy construction site of the Financial Cloud Valley in Hohhot, in Inner Mongolia [Photo/Hohhot Daily]

The Bank of China Financial Technology Center is currently under construction in the Horinger New Area in Hohhot, capital city of North China's Inner Mongolia autonomous region, according to local media reports.

The center, which aims to become China's Financial Cloud Valley, is widely seen as being an important step for the autonomous region in promoting the in-depth integration of modern finance and the digital economy based on the advantages of digital development.

It is expected to accelerate the agglomeration and development of financial technology companies in the area.

The total investment of the project's first phase is 1.88 billion yuan ($280 million) and the total floor space will be 133,000 square meters. It is projected to meet the installation needs of 310,000 servers.

More than 600 high-end people from industries such as finance, big data and cloud computing will be employed in the new area.

On completion, it is anticipated that it will become a key financial technology center, innovation center and operation center for the Bank of China in the future.